Younger generations need to take out pensions

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Younger generations need to take out pensions

More young people need to take out pensions in order for business to continue, according to Standard Life. .

Of the 69 per cent of advisors surveyed by the company it was found that more people aged between 28 and 40 are needed to being investing in a pension in order to help their businesses survive.

Currently, the average age of new clients is between 41 and 45 years old.

Of those respondents who felt that younger people were integral to their business, 83 per cent felt it was because they offered long-term prospects.

Mark Polson, head of customer management with Standard Life, commented: "Younger clients are not easy to find and not necessarily receptive when you do find them."

The firm recently commented on the government's pension reforms, stating that the delay on having to automatically enrol people into pensions schemes will come as a relief to smaller businesses, which may take some time to recover from the recession.

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