When it comes to understanding financial products, nearly half (40%) of 18-30 year olds consider their knowledge of pensions to be poor or very poor; and three in five (60%) don’t know what a workplace pension is according to research* from workplace penisons provider NOW: Pensions.
Other financial products such as savings and credit cards did not fair that much better either. In fact, the only financial services product young people felt they had less of an understanding of than pensions was investments, where 43% said they had a poor or very poor understanding.
When asked why they consider their knowledge of pensions to be poor, over a quarter (28%) of correspondents said they didn’t need to understand them, as they were a long way off retirement; while a similar percentage (27%) said they find pensions too complex.
Despite anyone over the aged of 22, earning at least £10,000 a year being auto enrolled into a workplace pension, which is now part of the new workplace pensions legislation introduced in 2012, over half (58%) of 18-30 year olds admitted they didn’t know what auto enrolment meant.
Nearly three quarters (71%) 18-30 year olds said they find pension terminology and jargon barrier to engaging with the public.
NOW: Pensions teamed up with television presenter and reality TV star Stacey Solomon to help explain some of the jargon associated with pensions. To watch Stacey explain click here
For more information, please contact Emma Kaye on 0207 380 8000 or firstname.lastname@example.org