The Herald on Sunday

Young people lack pension knowledge


MORE than three-fifths (62 per cent) of under-35s believe older generation­s were better educated about personal finance than they were, according to a survey.

And seven in 10 (71%) people in this age group said they would save greater amounts into their pension if they understood more about it, research from pension provider Cushon found.

More than half (58%) believe older people had much better pension options than young people do now.

Three-quarters (73%) of those aged 65-plus think younger generation­s need much more support to plan for their financial future.

Baroness Ros Altmann, a former pensions minister, said: “Cushon’s research indicates that younger people tend to believe they have been disadvanta­ged by lack of education at school or home about savings and pensions.”

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