Pension companies need to change to engage with millennials
The latest Scottish Widows Adequate Savings index highlights a number of worrying trends regarding attitudes to pension planning amongst young people.
Most noticeable is that although the introduction of auto-enrolment means that 80 per cent of under 30-year-olds now make some form of retirement provision, 70 per cent of them are still not investing nearly enough into their pensions to provide for a comfortable retirement.
Our data also indicates that far fewer young people have their pension pots reviewed, compared with those closer to retirement age.
Over the past 12 months only 6 per cent of pension cases reviewed by financial advisers were for people aged between 31 and 40-years-old, compared with 45 per cent for those aged between 51 and 60.
Full Content: Money Observer
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