Less than half of today's under-30s are saving in a pension in part because there appears to be no positive story about retirement planning, suggests a focus group study by the Association of British Insurers.
Group discussions between 104 people under the age of 30 and Andrew Irving Associates were commissioned by ABI to try and find out why so few people start saving for retirement during their 20s. Results of this qualitative research reveal the enormous competing financial pressures of debt and getting onto the property ladder are discouraging people from saving at such an early age, if they don’t start saving in a pension when they first enter the labour market, it is unclear what, if anything, will trigger them to start saving. Past research indicates at least 62% of those born in the...
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