Young people have told i they know the importance of pension saving, but that other costs – such as high rent payments – are having to take priority
they know the importance of pension saving, but that other costs – such as high rent payments – are having to take priorityThe 27-year-old, who lives in Portsmouth, works as a marketing executive at Dunstan Thomas, a tech provider for financial services firms.
A recent YouGov survey showed 41 per cent of people aged between 18-24 and 48 per cent of those aged 25-34 want to retire when they’re between 61-70, which some analysts suggest may be optimistic. “I’m also saving to buy my first home and need an adequate deposit. Again, this pushes pensions further down my list of priorities.”: “One key element of planning for later life is making sure you don’t have to fund for rent to a private landlord in your old age. Saving towards a house deposit can be a perfectly good strategy to give yourself long-term financial security.”
“While prioritising travel may seem frivolous, I have watched friends and family go on holidays while I have been unable to due to financial strain. It’s a part of my 20s I’ve missed out on and I’d like to make up for lost time.This inflexibility is unappealing to some, including Jodie Weston, 30, who lives with her one-year-old son, Koa, in Beckenham.
“I also think the fact it’s more difficult to buy a house and save in 2024 than it was for our parents means many young people can’t see past the initial hurdles in life to start thinking about retirement.”Pensions remain complicated and the rules and tax system surrounding them frequently change as may happen in the upcoming Budget.
He added: “The jargon can be challenging. I also have no idea what risks I should be taking with my pension at different stages in life.”
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