View more on these topics

Young suffer phobia to pension planning

A nasty epidemic called gerontophobia has Britain firmly in its grasp and is robbing young people of their ability to plan for old age, according to research commissioned by CIS.

The research looked into attitudes towards pensions and why more people do not plan for old age sooner. It reveals that 33 per cent of people aged 18 to 25 say the word pension makes them think of old age and the stereotypical images that go with it.

Of those, 17 per cent say these thoughts dissuade them from buying a pension.

Responding to the survey&#39s findings, psychologist Dr David Lewis has offered six tips for escaping gerontophobia, including remembering that age is only a number and that what really matters is biological, psychological, intellectual and social ages.

He advises not to be taken in by myths such as the belief that mental powers fail as we age. We should also reject ageism, never say never, assert ourselves and anticipate change and not be caught out by it.

The survey questioned 697 adults aged between 18 and 25 in January.

Lewis says: “The UK is gripped by an epidemic of gerontophobia or an irrational terror of growing old. This arises, at least in part, from the primitive fears of ageing and death that underlie our obsession with youth and our denigration of age.”

CIS director of life and savings Martin Clarke says: “At a psychological level, a significant proportion of people are deterred from starting a pension because of the connotations that it has with old age.”

Recommended

Goodfellows – IncomeInsurance

Type: Accident, sickness and unemployment cover Maximum benefit: £1,000 or 50% of gross monthly income Benefit payment term: 12 months Deferred period: 30 days Premium: £3.50 per £100 for unemployment cover, £3.50 per £100 for disability cover, £5.50 per £100 for unemployment and disability cover Commission: Initial 20% Tel: 0870 2403946

Pioneer takes pure and simple approach

PIONEER FRIENDLY SOCIETY PURE PROTECTION Type: Income protection Minimum benefit/minimum premium: £78/£1.53 a month Minimum-maximum ages: 16-59 Deferred periods: 1 day, 1, 4, 8, 13, 26, 52 weeks Charges: None Definition of disability: Own occupation Commission: Initial 130% of Lautro, annual 2.5% Tel: 01225 752140 The panel: Kevin Carr, Senior technical adviser, LifeSearch, Neil Franklin, […]

Latin lessons

How considerate of Sir Howard Davies to start communicating to the public in Latin. This can only clarify even further the already simple, transparent and market-friendly utterances of the FSA over the recent past. My only misgiving is that maybe he has got it wrong. From my legal and insurance studies (albeit many years ago, […]

EFG Private Bank – Prudent Global Gold Fund

Type: Hedge fund Aim: Growth by investing in gold stocks Investment split: 100% in gold stocks Place of registration: Jersey Charges: Initial up to 5%, annual 2% Commission: Subject to negotiation Tel: 020 7491 9111

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com