Almost a third of children concerned about saving for retirement

Nearly a third (30 per cent) of 11-14 year old children were worried about saving enough for retirement, increasing to nearly four in 10 (39 per cent) amongst 15-18 year olds, according to research from Scottish Widows.

The poll showed that as a result, 32 per cent of all children said retirement is something they will definitely save up for when they are older, a more common response than funding a family or getting married.

Furthermore, it found that whilst nearly a quarter (24 per cent) of students were receiving some form of financial education in the classroom, 87 per cent believed they should be taught about pensions to prepare them for adult life.

Commenting on the findings, Scottish Widows senior pensions specialist, Robert Cochran, emphasised that today's younger generation is "surprisingly savvy" about the importance of saving money for the long term.

He continued: "Many are getting into good habits early and understand the long-term benefits of squirreling away their pocket money.

“Technology has made it even easier for young people to connect to their finances and their future, and this is essential to turn habits into long-term behaviours that could improve retirement prospects.

“Our latest behavioural science study found that once young people start actively thinking about their future, they’ll care more about their retirement prospects.

"Teachers and parents can help kick-start this process by starting these discussions in the classroom and at home.”

More broadly, 37 per cent of children said they were worried about managing their finances when they are older, increasing to 40 per cent amongst girls.

This echoes trends found in the adult population, with previous industry research showing that women were the most anxious demographic when considering retirement savings, despite concerns rising fast amongst men.

Despite this, Scottish Widows also found that almost half (46 per cent) of children agreed that mums were better savers, compared to 32 per cent who thought dads were.

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