PENSION TENSION

Third of young Brits aren’t putting savings into their pension pot – how to boost your cash for the future

A THIRD of young Brits aren't saving up for their retirement due to confusion over pension rules.

Research showed that three in 10 millennials aren't saving into a pension pot, sparking concerns that young people won't have enough saved for retirement.

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Many millennials feel uneducated about saving for retirementCredit: Getty

Millennials are more likely to be in unstable employment than previous generations.

Many of them work more flexibly and are in multiple short-term employments, zero hours contracts and 'gig economy' work.

This can make saving for retirement harder.

A quarter of millennials find retirement saving rules "very confusing" and 53% said they wished their employer would explain pensions to them.

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 and  have tools that give you an idea of what your retirement income will be based on how much you're saving.
  • Find out if your workplace offers advice: Many employers offer sessions with financial advisers to help you plan for your future retirement.

    • The showed that 23% of Brits aged between 23 and 38 weren't sure if they're on target to have enough to retire with.

    Meanwhile, 28% had a lack of confidence with money and financial matters.

    More than a third said they're saving as much as they can but don't think it'll be enough for a comfortable retirement.

    A further 16% don't think they'll ever have enough money to afford to retire.

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    Once you've done that, there are online tools you can use to calculate how much income you'll receive when you retire, such as the

    Salman Haqqi, personal finance expert at Money.co.uk, said: “If you perform the calculations and realise your pension doesn’t suit your personal circumstances, then it’s time to do something about it."

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