Commenting on the findings, Jamie Clark, Business Development Manager for Royal London Intermediary Pensions said: “Our new research shows that engagement and attitudes to pension saving, like the diversity of millennials as a group, varies widely. Better engagement is key, particularly if over a fifth don’t appreciate that they actually have a pension in place.
“Improving millennials’ understanding of the real benefits and true value of long-term pension savings is where financial advisers can play an important role. Some millennials say that engagement should start as early as age 40…not when they’re close to retiring. Advisers can play a vital role in tapping into the financial needs of millennials at an earlier age than perhaps would normally be the case as there is clearly an appetite for advice. Getting financial advice at an early stage would help so many achieve better outcomes in retirement.”
Royal London’s new Pensions through the Ages – The Millennial Mosaic reveal that:
• Nearly a third (28%) of millennials didn’t know what pension contributions are being made into their pension;
• Over a fifth (22%) were unaware they actually have a pension;
• Millennials say they do want to receive financial advice:
- Nearly a quarter (24%) say they want to receive financial advice at age 40; nearly 1 in 5 (18%) at age 50 and over 1 in 10 (13%) at age 60.
• Yet almost half (47%) of millennial renters say that they have never reviewed their pension; Similarly,(45%) of millennials living with their parents say they have never reviewed their pension;
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