Young people not interested in their financial future - don't believe the hype!
A recent study commissioned by Friends Provident revealed that 21 - 29 years old are setting the pace for a healthier financial future. Nearly one third of those surveyed were paying off debt before saving for a house. Almost all were already paying into a company pension scheme and 35% said they intended to start contributing to a pension before they hit 30.
These figures look set to grow with the introduction of saving and money management being taught in schools from 2011. Ed Balls, the Secretary of State for Children, Schools and Families is quoted as saying 'It's really important that we teach out children about pensions, responsible savings and effective money management'.
While there is a lot of doom and gloom around final salary scheme closures and an economy in recession, the plus side is that people are becoming more aware that saving for retirement is their responsibility, and that saving earlier means less pain later; which can surely only be a good thing for member engagement.