Over a third of young people plan to start a pension before they hit the big 3-0 opening up a swathe of new advice business, research by Friends Provident suggests.
Disillusioned with state pension provision, as much as 35% of 21-29 year olds intend to begin saving for retirement before leaving their twenties, with many seeking out additional saving vehicles including ISAs (43%) and investment (equity) portfolios (35%). Only 11% do not plan to use a pension for retirement, according to the research. Friends Provident says the importance of early saving towards retirement appears to be sinking in with nearly half (44%) of ‘generation Y' already paying into a company pension. James Ward, director of Friends Provident UK Corporate, says: "It is e...
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