Education for children could boost pensions, expert claims

Tue, 17 Jul 2007

Youngsters could better understand the savings needed to secure their pensions if they are offered financial education in schools, it has been claimed.

Alastair Mathews, the director of policy at the Personal Finance Education Group, said that children should be provided with an understanding of financial services products such as pensions.

However, he conceded that in-depth detail regarding subjects such as pensions and mortgages may be too complex for the some to grasp.

"It's [ensuring] that youngsters understand what a mortgage is and what a pension is and what sorts of things adults need to be thinking about them," he explained.

Additionally, he noted that the younger a person is when they understand the importance of a pension scheme, the more likely it is they will make adequate savings for reaching retirement.

"Pensions are never too early to start," remarked the expert.

Many of today's children and young adults are likely to work on until the age of 68, after the government included this proposal as part of its shake-up of the pension system last year.


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