40% of under 35s have no pension
Over 40% of young people under 35 do not have a pension, with over half of those saying it has never occurred to them to have one, according to new research from insurer, Endsleigh Financial.
Almost a third – 32% – of those without a pension blamed debts including student loans and credit cards as a reason for not having one.
And of those who do have a pension, over 90% have one through work
The survey broke the results down into two age brackets: 23-30 and 31-35. Pension take-up amongst the 31-35 band was found to be slightly higher, with 65% of respondents having a pension as opposed to 58% of the under 30s.
Endsleigh Financial spokesperson Elaine Etheridge said: “The results of our pensions survey are concerning, as they show significant numbers of young people across the country are not even considering having a pension. Young people in their 20s need to realise that pensions are not just for the over-30s, and that now is the time to get into a ‘savings habit’.
“Britain reportedly has the lowest state pension in Europe, so it is increasingly likely that today’s 20 and 30 year olds without pensions, due to increased life expectancy, could face 20 to 30 years with little or no income when they retire.”