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.
Even though saving for retirement should be a key focus for those aged 30-49, it is currently the smallest concern for this age group.
In fact, paying off their mortgage is a bigger concern for this age group, with 42% admitting that this keeps them up at night.
Worryingly, none of those surveyed who earn less than £20k feel that they understand pensions, in comparison to nearly half (44%) of those earning more than £75k, who feel they have an adequate understanding.
Tags: Pension
