Despite the imminent launch of stakeholder pensions in April, only 15 per cent of 16to 24-year-olds have heard of the new scheme, according to res earch by Legal & General.
But when stakeholder was explained to this group, it emerged they would be the most likely to buy a plan in the next five years.
The survey of 1,009 res pondents, categorised by age from 16 to over 65, was carried out in November 2000 to measure awareness and attitude towards stakeholder.
One of the questions asked was: “Are you aware of the Government's plans to introduce stakeholder pensions?” Awareness was highest among those in the 65-plus group, with 50 per cent ans wering “yes” to the question. The younger the age group, the less likely they were to have heard of stakeholder.
Respondents were then told: “A stakeholder pension is a new type of private pension that is being introduced by the Government.”
When asked if they might buy one in the next five years, 34 per cent of 16to 24-year olds said they would be likely to do so.
This was followed by 28 per cent of 35to 44-year-olds, 25 per cent of 25to 34-year-olds and 5 per cent in the 65-plus age group.
Legal & General pensions strategy director Adrian Bou lding says: “A few weeks ago, pensions minister Jeff Rooker told young people 'Don't rely on the state alone'. Once the pension publicity campaign gets under way, this message stands every chance of being clearly heard.”