Research reveals that over half of young workers do not know if they have a pension or not
13 November 2019
Worrying new research figures highlight that 54% of workers under the age of 25 are unsure if they have a workplace pension. In addition to this, 65% of the same demographic did not know who their pension provider was.
Pensions Age reports that the survey, run by Zippen, a pensions consolidation company, consisted of 2,000 respondents, male and female, between the ages of 22 and 32. Zippen’s CEO, Ellie Tembras commented “We find it shocking that some 65 percent of young workers cannot name any or can only name one of their pension providers, but even those older than 25 appear to be similarly uncertain.”
In addition to these figures, the findings also demonstrate that 56 percent of respondents under 25 did not realise that their pensions did not automatically transfer to new jobs if they moved from one company to another and 45 percent were unsure about how many pensions they had.
The findings of the survey show that there needs to be clearer communication surrounding pensions and more education on the topic within businesses to ensure that people understand if, and how, they are saving for retirement. This isn’t only applicable to young workers but to the whole of society.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information. Download the CIPP's Payroll: Need to know - your guide to payroll legislation and reporting for the most up to date data.