The launch of automatic enrolment into workplace pensions in 2012 is being hailed as helping to develop a greater pension savings culture across the UK.
A new study carried out by charity The National Skills Academy for Financial Services (NSAFS) and AXA Investment Managers, has found that today’s young adults in the UK are likely to start thinking about their retirement plans at the age of 27, compared to their parent’s generation who on average did not start thinking about life after work until the age of 41.
Similarly, research conducted by NEST in 2014 also found that people aged under 30 were embracing automatic enrolment more than any other age group, with just one in every 20 workers aged between 22 and 29 choosing to opt out of their workplace pension scheme.
Stephanie Condra, market strategist at AXA Investment Managers, said: “It’s never too early or too late to get ready for retirement.”
Approximately five million people have so far been placed in a workplace pension, and there are around another five million still to be placed in a scheme as auto-enrolment continues to be rolled out across employers.