Stuart Price, Partner and actuary at Quantum, gives his thoughts on the recent survey highlighting that young savers are twice as likely as older generations to ensure their pension pot was invested ethically…
Stuart said: “Of course it is good news that youngsters are thinking about where to invest their contributions and it’s crucial that we keep them engaged and educate them about the importance of saving for their retirement. The earlier they start making plans, the bigger impact it will have on their eventual retirement income, which is particularly important as we are expecting the State Pension Age to continually increase in the future.
“However, a recent Office for National Statistics survey stated that presently the average being saved was only just over 4% (1% employee 3.2% employer) which is nowhere near enough. In my view, more importantly than investing ethically, is actually getting the millennials to save more for their retirement.
Read the full article here