Engaging young people to tackle the pensions and climate crises
They may well have checked their bank accounts on their phone in the last 24 hours, but I bet they haven’t checked their pension online. Perhaps they can’t do that, even if they wanted to.
The fact is that for the majority of people pensions just don’t feature in their everyday thinking and they’re certainly not viewed as an issue to worry about – especially if you’re young. The economy (52%), health (46%) and the environment (40%) are the three areas 18-24-year-olds care the most about.
Given the ongoing Covid-19 pandemic, it is hardly surprising that the economy and health are seen as the most important issues, however, the environment still factors highly on the chart. So why is it that, as a society, we are failing to see the significance of pensions and their impact on creating a sustainable future?
There is great potential in getting more people engaged with their finances from the moment they begin working and see the value in talking about the inextricable link between pensions and climate change.
Pension pots represent a huge ‘blind spot’ for people – and companies – when it comes to assessing their impact on the environment. Each year, the average UK pension member unwittingly finances 23 tonnes of CO2 emissions through the businesses in which their pension invests.
That’s the equivalent of running either nine family cars each year; using 940 gas propane cylinders; or burning 1,100 coal fires annually, simply as a by-product of saving for retirement. To counteract this, you would need to recycle for 19 years, or plant 30 acres of new forest.
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