Younger generation surprisingly tuned into retirement needs
Younger people aren't usually thought to be that preoccupied by pensions and retirement. But a recent survey has revealed that such stereotypes are wrong. It found that people born in the 1980s were the most likely age group to wish they had taken more interest in saving for retirement at an earlier stage.
Almost half of them expressed this regret, and a similar number said they'd talked about pensions more in the past year than before. More than half (53 per cent) said they were planning to pay more into their pensions in the coming year.
Nearly half of the 25 to 34-year-olds surveyed said they were already in a workplace pension scheme, and most of the remainder said they'd stay in their new auto-enrolment pension.
Analysts pointed out that this was quite a turnaround from a few years ago, when younger workers were nicknamed 'the ostrich generation' for sticking their heads in the sand when it came to financial planning for later life.
The need to save has been brought home for younger people by the introduction of tuition fees, the pressures of paying off student debt, and trying to build up a deposit to get on to the property ladder. The auto-enrolment pension initiative may also have raised awareness of the issues.
Acas provides advice and guidance on Retirement issues and has produced the guide Age and the workplace: a guide for employers and employees [336kb]. It also gives information on pensions in its and provides training on Employment law update.
Visit the Acas Training and Business Solutions area for more information.