Awareness of pensions is growing but ignorance of how much needs to be saved and how to do so remain...
Awareness of pensions is growing but ignorance of how much needs to be saved and how to do so remains high.
That is the conclusion of a survey of attitudes towards age, pensions and retirement was conducted by the Chartered Institute of Personnel and Development (CIPD).
Four in 10 of those questioned said press headlines had increased their awareness about pensions and the need to save more for their futures.
CIPD adviser on reward and employment conditions, Charles Cotton, said awareness of the importance of pensions seemed high. As many as 64% said they are as important as base salary.
Nevertheless, the reality is that workers were more likely to adopt a short-term view and choose flexible working over pensions when considering jobs, according to the CIPD.
The survey also found that just one in four respondents had calculated what they would need to retire comfortably, and they were mainly in the over-50 age bracket and working.
Cotton, said: 'The findings reveal a disappointing level of ignorance around pensions. Three quarters of employees have not worked out how much they need to save to enjoy a comfortable retirement. A third of people covered by an occupational pension scheme do not even know what type it is.'
Some 30% of those with an occupational pension scheme were unsure of how it operated, the survey also showed.
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