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.
When asked why they consider their knowledge of pensions to be poor, over a quarter (28%) say they don’t need to understand them as they are a long way off retirement while a similar percentage (27%) say they find pensions too complex.
Nearly three quarters (71%) 18-30 year olds say they find pension terminology and jargon a barrier to engaging with the subject.
Stacey Solomon, television presenter, said, “A lot of people like me can find pensions confusing but nowpensions.com makes it easy to understand. The great news is that you don’t need to be a finance expert to sort out saving for your old age. Thanks to auto-enrolment, it’s down to your boss to sign you up for a pension scheme – so you can focus on more exciting things! ”