Entirely Finance

NORTHEAST FINANCE NEWS

Tuesday May 21 2019


High number of millennials dont believe their pensions will be enough




High number of millennials dont believe their pensions will be enough

A recent study conducted by Active Chartered Financial Planners has found that only 21 per cent of those aged between 25 and 35, and born between 1984 and 1994, believe that their pensions will be sufficient when it comes to retirement.

The research, which was conducted with almost 500 participants in the 25 to 35 age range from across the UK, found that 46 per cent of participants did not think they would get enough money to live on from their pension pot, and 33 per cent didn’t know.

The common understanding of the term ‘millennial’ relates to ‘a person reaching young adulthood in the early 21st century’ and therefore is generally understood to include those born in the 1980s, 1990s and early 2000s.

In a separate study, which the firm conducted through PanelBase, one of the country’s leading research providers, it found that only 13 per cent of the 532 respondents would deposit additional money into a pension fund after paying their necessary bills.

On being asked to select all options that applied, 50 per cent of respondents said they would save for a rainy day, 48 percent said they would spend the additional cash on leisure activities, 35 per cent would spend the money on clothes or a specific saving goal, such as a wedding, and 14 percent would give the money to charity.

Joe Carey, an Independent Financial Adviser at Active Chartered Financial Planners, said: “It’s easy to think of pensions as something for people reaching the end of their career to consider, however, it’s never too early to start planning for the future. As a millennial myself, I can certainly understand this mindset in myself and my social circle.

“It is concerning that, even since the introduction of automatic enrolment into pension schemes in 2012, the majority of 25 to 35 years olds are still not confident that they will have enough to retire on when they reach their 60s. In real terms, this means that in the next 40 to 50 years, we could have an ageing workforce because employees don’t have the means to retire.”

Joe added: “It is interesting to see that people within the Millennial Generation are also prioritising short term goals when they have spare funds, including rainy day savings, leisure activities and clothes. This suggests that many millennials are more concerned with saving for things that could impact them in the near future, such as emergency repairs to the car or home. This is, of course, very important to consider and prepare for, however they should also think about saving for the pension they may be reliant on in 40 years’ time.

“It is also worth noting that 78 of the people surveyed said that they didn’t have any money left over for pensions, savings or any other activity after they had paid their essential bills. This could also account for the reason why this generation is concerned about having enough money to retire.”



"In the next 40 to 50 years, we could have an ageing workforce because employees dont have the means to retire"
Joe Carey








DISCLAIMER: The statements, opinions, views and advice expressed in this article are those of the author/organisation and not of ENTIRELY. This article should represent information correct at the time of publication however whilst every care has been taken to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. ENTIRELY will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or any information accessed through this site. The content of any organisations websites which you link to from ENTIRELY are entirely out of the control of ENTIRELY, and you proceed at your own risk. These links are provided purely for your convenience and do not imply any endorsement of or association with any products, services, content, information or materials offered by or accessible to you at the organisations site.






Discover our Industry Magazines
















Discover our UK Regional Magazines


North West Business News, Jobs and Events | Entirely North West UK
East of England Business News, Jobs and Events | Entirely East England UK
Ireland Business News, Jobs and Events | Entirely Ireland
London Business News, Jobs and Events | Entirely London UK
Midlands Business News, Jobs and Events | Entirely Midlands UK
North East Business News, Jobs and Events | Entirely North East UK
Scotland Business News, Jobs and Events | Entirely Scotland
South East Business News, Jobs and Events | Entirely South East UK
South West Business News, Jobs and Events | Entirely South West UK
Wales Business News, Jobs and Events | Entirely Wales
Yorkshire Business News, Jobs and Events | Entirely Yorkshire UK


Hallidays Chartered Accountants and Business Advisors


Hallidays Chartered Accountants and Business Advisors were established in 1843 in Manchester and now situated, since 2008, in modern, purpose built offices next to the M60, Stockport and have 60 dedicated team members.






Hanley & Co Chartered Accountants and Business Advisers


Hanley & Co are Chartered Accountants and Business Advisors based in Ashton-Under-Lyne, Blackpool and Manchester. We use our practical experience (gained with over twenty years in practice) to give our clients practical, positive advice throughout the year. Hanley & Co are the 'Accountants You Can Talk To'.






Bruce Marshall & Co


Are you looking for an experienced, proactive and friendly firm of accountants and tax advisers? Then you've come to the right place.






Cowgill Holloway

Accountants and business advisors


Cowgill Holloway are a leading independent firm of chartered accountants and business advisors based in the North West, with offices in Bolton, Manchester and Liverpool. Established for over 30 years, and over 140 staff members, we work with all types of businesses. Our entrepreneurial ethos and partner-led approach is tailored to help you achieve your ambitions and financial aspirations.






Sedulo Chartered Certified Accountants


Sedulo is an established firm of accountants, with offices based in Manchester city centre and Cheshire, providing expertise in accountancy solutions and commercial business advisory services.






RECOMMENDED FOR YOU ON ENTIRELY NORTH EAST






















Cyber society a reflection


As a species, we are not very good at looking ahead. We have scientists, planners and philosophers that can shed light on our future, but in reality, we tend to respond to life on a needs must basis, kicking the can of the foreseeable down the road