Less than a quarter of under-35s have a pension

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Less than a quarter of under-35s have a pension

Tue 15th Nov 2011

Less than a quarter of individuals in the UK aged under 35 are regular savers into a pension fund, it has been revealed.

According to research carried out by Defaqto, just 23 per cent of people in this age group have a pension of any type - highlighting the plight many are likely to face as they get older if they do not start saving for retirement in the near future.

The results of the study also showed 44 per cent of respondents did not feel confident their financial needs would be met when it comes time for them to stop working.

Andy Leggett, Defaqto insight analyst for wealth management, said: "It is important for people to plan for their financial future to ensure that their and their dependants' needs will be met. One of the most important areas people need to think about is retirement planning."

Editor of CashQuestions.com Annie Shaw recently noted that young Brits are failing to grasp the importance of regular saving, although the fact there are now few savings products that offer a healthy return on investment is not helping the issue.

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