Savers under the age of 35 are looking for more support and guidance with their workplace pension schemes, according to research by Prudential.

A survey of 1,178 adults found that while 69% of under-35s are currently saving into pensions, many of these savers are unclear on the rules and benefits of their schemes.

More than half (53%) want their employer to explain pensions and benefits, and 24% say they find pension rules very confusing.

The research suggests this lack of knowledge about pensions could be contributing to a pessimistic view of retirement savings among this age group.

For 27% of under-35s, pensions either do not motivate them or are not relevant, while a further 16% believe they will never be able to afford retirement.

Vince Smith-Hughes, pensions expert at Prudential, said:

"Millennials 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.

"Rules can be confusing, especially when you are early into your career, which is why we
advise most savers to seek financial advice when possible.

"Employers can help to ensure they provide information and support around their workplace scheme."

We can help plan your pension saving strategy.

Williams Financial Planning Limited logo

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.


By submitting your details you agree to receive email marketing from Williams Financial Planning and have read and understood our Privacy Notice. You can withdraw your consent or change your preferences at any time by emailing us or by clicking the link at the bottom of every email we send you.

You have Successfully Subscribed!