Graduates urged to act fast on pensions

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Financial Services > Pensions > News

Graduates urged to act fast on pensions

Tue, 24 Oct 2006

Graduates have been warned that delaying their contributions to a pension scheme could cost them over the long-term.

University leavers are at risk of halving their pension pot if they do not start a pension scheme until the age of 30, a study by HSBC has revealed.

The bank also claimed that 50 per cent of 16 to 24-year-olds consider themselves to be too young to prioritise their pensions ahead of other financial commitments.

Some 90 per cent of UK residents between these ages are not making any contributions to a pension, along with 44 per cent of 25 to 34-year-olds.

Ian Martin, head of pensions and retirement income at HSBC, said: "There has been a great deal of talk about pensions recently and it appears that older workers are starting to hear the message about the importance of planning for their retirement.

"But for graduates starting work for the first time, retirement seems a long way off and their pension just isn’t a priority."

Recent research by Zurich found that 89 per cent of UK residents believe that their income will come from an alternative source to a state pension after reaching retirement.

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