Mind the gap: Age a major factor in financial knowledge
By Kirsten Hastings, 29 Apr 16
There are key generational differences in attitudes towards financial priorities and money management in the UK, but employees of all ages have major gaps in their financial knowledge, according to consultancy and actuarial services firm Barnett Waddingham.
Nearly half (44%) of those aged between 18 and 29 feel that saving for a house is their biggest financial priority.
A lack of focus on saving for a pension could be due to the fact that nearly three quarters (71%) of those aged 18 to 29 feel they do not understand their pension investment.
A lack of understanding peaks among those earning less than £20k a year, with a worrying 96% feeling this way.
However, despite this limited financial awareness, a staggering 89% of Millennials would contribute more to a pension if they could afford to.
Tags: Pension
