Millennials seek more pension support

Savers under the age of 35 are looking for more support and guidance with their workplace pension schemes, according to research by Prudential.

A survey of 1,178 adults found that while 69% of under-35s are currently saving into pensions, many of these savers are unclear on the rules and benefits of their schemes.

More than half (53%) want their employer to explain pensions and benefits, and 24% say they find pension rules very confusing.

The research suggests this lack of knowledge about pensions could be contributing to a pessimistic view of retirement savings among this age group.

For 27% of under-35s, pensions either do not motivate them or are not relevant, while a further 16% believe they will never be able to afford retirement.

Vince Smith-Hughes, pensions expert at Prudential, said:

"Millennials are often under a lot of pressure to get on the housing ladder and pay off their student loans, at the same time as trying to prioritise pension savings.

"Rules can be confusing, especially when you are early into your career, which is why we
advise most savers to seek financial advice when possible.

"Employers can help to ensure they provide information and support around their workplace scheme."

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