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Millennials want ‘confusing’ pensions explained in the workplace

9 September 2018

Millennials would like to see their employer offer more support around pensions, with nearly a quarter admitting to finding pension rules confusing, according to new research from Prudential. 

Prudential’s study found nearly seven out of 10 (69%) of under-35s are saving into a pension either through work or in a personal scheme, but over half (53%) would like their employer to explain pensions and benefits.

Meanwhile, two-thirds (66%) have signed up for workplace schemes, highlighting the success of auto-enrolment, but nearly a quarter (23%) recognise that their current pension contribution is not high enough.  As many as one in six (16%) do not think they will ever be able to afford to retire, while over a third (37%) of millennials believe that they are saving as much as they can but still don’t think it will be enough for a comfortable retirement.

Prudential said that despite preconceived ideas on millennial spending, the findings showed a responsible attitude among the younger generations, with 26% choosing to find out more about their financial options.

Vince Smith-Hughes, pensions expert, Prudential, said: “Millennials are as responsible as other generations when it comes to pensions and the talk about Generation Snowflake feeling entitled to an easy life is not true. They are often under a lot of pressure to get on the housing ladder and pay off their student loans at the same time as trying to prioritise pension savings.”

Smith-Hughes said with rules proving to be confusing, especially early on in someone’s career, employers could offer help to ensure there’s enough information and support around their workplace scheme.

 

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