Axa: Young people postpone starting pensions

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Axa: Young people postpone starting pensions

Young people are facing a pension shortfall in old age, as many are put off saving, according to Axa.

Research by the financial services provider suggests that almost one in five 18-24 year olds are deterred from beginning their investment for their future simply because they do not like the word 'pension'.

It has been estimated that if this age group puts off starting their savings pot by another five years, this could result in a collective deficit of £44.1 billion by the time they reach retirement, a loss of £44,362.30 per person.

Mike Morrison, head of pensions development at the insurance company said: "It's clear that we need to get younger people thinking about their future financial stability much earlier."

Last month, David Kuo from Fool.co.uk, suggested that many people have started to put their cash into Isas instead of pensions due to the additional allowances they offer and concerns about "tinkering" with pension programmes.

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