Britons "ignoring pension warnings"

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Financial Services > Pensions > News

Britons "ignoring pension warnings"

Fri, 27 May 2005

Almost three quarters of Britons between the ages of 19 and 25 have not yet joined a pension scheme.

New research from Clerical Medical said that young people over the UK have not joined a company or a personal pension scheme.

Also, 90 per cent of this age group feel the government should take full responsibility for Britons' retirement, but only 15 per cent believe the government will actually do this.

These findings were released after the government has made considerable effort to try to get individuals to make sufficient provision for their retirement.

Graeme Riddoch, sales director at Clerical Medical, said it is frightening to discover that nearly half of the UK population appear to be ignoring this message, and subsequently failing to put aside some pension savings for retirement.

"In order to boost pension contributions, we believe that it is essential that the UK population is provided with simple to understand products, sound information, and visible incentives for saving," he said.

Mr Riddoch argued the industry has a "role to play" in convincing people to plan for their pensions.

A total of 1,800 people were interviewed on their views on pensions.

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