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Millennials seeking more pensions support from employers

More than half of millennials want their employer to do more to explain pensions and benefits, Prudential research shows.

The June survey of 1,178 adults finds 24 per cent of millennials admit to not having a pension fund and 27 per cent do not believe that pensions are relevant to their generation.

While 66 per cent have signed up for workplace schemes due to auto-enrolment many recognise they are not saving enough with 23 per cent saying their current workplace or personal pension contribution is inadequate.

A further 28 per cent do not feel confident with money or financial matters and 37 per cent believe they are saving as much as they can but still do not think it is enough for a comfortable retirement.

Prudential pensions expert Vince Smith-Hughes says: “Millennials are as responsible as other generations when it comes to pensions and the talk about Generation Snowflake feeling entitled to an easy life is not true.”

“They are often under a lot of pressure to get on the housing ladder and pay off their student loans at the same time as trying to prioritise pension savings.”

He adds: “Rules can be confusing, especially when you are early into your career which is why we advise most savers to seek financial advice when possible. Employers can help to ensure they provide information and support around their workplace scheme.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Support from employers? Employers are neither qualified or authorised to provide decent support.

    In the first instance let the intermediary who set up the AE (or the organisation providing it) to actually do something for a change.

    Alternatively the employer merely needs to stick up a notice listing 3 or 4 local IFAs.

    Why is it that the younger generation always seem to need their hands holding?

  2. Interesting that 27% don’t feel pensions are relevant to their generation. This simply reflects that in someone’s relative youth it is inconceivable to them that they will ever be so old as to need or wish to retire. This is not new and is simply how life is.

    As with everyone who is young over history, time will teach them differently.

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