Young people are not planning for the long-term when looking to organise their pension, according to research.
A quarter of 18-34-year-olds in the UK would opt-out of the government's National Pension Savings Scheme in order to solve short-term financial issues, the study shows.
The poll, which was conducted by JPMorgan INVEST, cites financial issues such as debt and saving for a holiday as higher priorities among young people than pensions.
Furthermore, 20 per cent of respondents stated that they had no pension plan, although almost half were concerned about their finances upon reaching retirement.
Jonathan Watts-Lay, JPMorgan INVEST director, comments: "This is particularly relevant in the current climate of record mortgage and credit card debt as people might have no option but to opt out of a national pension savings scheme to cover pressing debts."
He adds that companies can help the situation by offering financial education to employees to help them manage their debt, which could stop them opting out of a pension scheme.
Personal pension plans or company pensions may be a good option for many UK residents, following the recent government reforms which plan to raise the retirement age to 68.
Young people look for pension quick-fix, study shows
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Young people look for pension quick-fix, study shows
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