Informed Choice calls for more pensions calculator advice for youngsters

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Informed Choice calls for more pensions calculator advice for youngsters

Young people need more advice about planning for their retirement, according to an expert from Informed Choice.

Martin Bamford, chartered financial planner at the company, claimed there is very little information that applies solely to younger savers and the number of channels for interacting about such issues has reduced in recent years.

"In terms of advice that is actually tailored to their particular needs and circumstances, I think it's more of a challenge," said Mr Bamford.

However, he observed that this is not the only reason why many younger consumers are not putting aside adequate provisions for their retirement, noting that financial pressures mean that they do not tend to have much left to save at the end of each month.

Mr Bamford explained that young people are very unlikely to even consider their pension if they are struggling to get through the year on their salary.

The Institute of Financial Planners recently published research showing 72 per cent of 18 to 24-year-olds do not know how much they have to put aside to fund a comfortable retirement.

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