Research: guidance and online messaging key to engaging millennials
Some 44% of 18 to 34-year-olds have no pension provision and 27% don't understand enough about them, latest research from YouGov reveals.
The report - which polled a total of 2,143 adults - also found that 58% of the people that took part said they were concerned about whether or not they will have enough money to support themselves in retirement, and 75% of 18 to 34-year olds said the government should give people more information from an early age.
YouGov junior research executive Kate Fillery said the figures suggest that many face a tricky retirement because young people have remained unwilling or unable to feed in to pensions of their own.
Recommendations from the findings suggested clear guidance should be provided so young people can make informed decisions and understand what exactly it is they are looking at.
YouGov director of research Tom Rees, said without knowledge on the subject it is difficult to know how to invest money for pensions.
Rees said: "Not knowing whether or not you are on the right track with finances can be tricky for young people and pensions in particular can be a confusing financial product."
Further recommendations from YouGov suggested using online messaging could be helpful to engage millennials as they are more likely to look to the internet for information, and that all information should be clear and uncomplicated to better engage them.
Fillery said: "For retirement to work, there must be balance between young people paying in and old people not being entirely reliant on the state."
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