Young people 'must consider their pension plans'

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Young people 'must consider their pension plans'

Wed 30th Nov 2011

Young people across the UK need to actively be investing in their future retirement funds in order to adequately prepare for the future, it has been argued.

According to research carried out by Aviva, the majority (67 per cent) of Brits aged 25 to 35 years old are aware of the impending rise in the state pension age, but just half of this group understood they may be forced to work beyond when they want to if they do not save now.

Paul Goodwin, Director of Workplace Savings at Aviva, said: "Increasing the state pension age to 67 from 2026 reinforces the need for all employees to start thinking about whether they are saving enough for the type of lifestyle they want in retirement."

A recent study by Aviva showed however, that this age group is actually quite financially savvy, with 41 per cent investing in cash Isas and 89 per cent hold a savings account.

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