More education could increase use of retirement calculators, says Axa

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More education could increase use of retirement calculators, says Axa

Axa has suggested a greater level of education may be needed to help consumers understand the importance of retirement saving.

Mike Morrison, head of the pensions department at the company, claimed the banking sector must try to collaborate with universities and consumer groups to spread the message.

In his opinion, younger people need to be made aware of what is required of them to plan for their pensions.

However, Mr Morrison added: "The onus is increasingly on individuals to plan better and save earlier if they want a good standard of living in retirement."

His comments follow the publication of the main points of Axa's Retirement Scope survey, which indicated that 35 per cent of Brits aged between 25 and 34 feel that the majority of their retirement income is going to need to come from personally-accrued savings.

This week, NFU Mutual urged people to discuss their pensions with their partners to ensure both sides of a marriage are provided for in case one passes away.

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