Home ownership and retirement biggest financial challenges for today’s savers
With nearly a third (29%) of 25-34 year olds worrying that they won’t own a home, pensions savings may be low on the younger generation’s agenda currently.
The figure comes from research by Equiniti, which reveals that clearing debt is also a top financial concern for 33% of this demographic.
And for a pensions industry hoping to engage the younger workforce, the news isn’t good for the 18-24 age group either: getting on the housing ladder is a concern for 43%, while nearly a quarter (23%) are preoccupied with paying off their student loans.
Retirement is high on the agenda for the older generations in the workforce, however – but with negative implications.
Almost one in three (30%) of those employees aged 45-54 are concerned that they will be unable to afford to retire – but 40% of the same age group see paying off their mortgage as their biggest financial challenge.
For the 55+ age group, being unable to retire is their biggest financial challenge. But is 55 too late to make any changes?
Phil Ainsley, managing director of Employee Services at Equiniti commented: “Whatever stage of life, there is always something that we need to plan for financially. The government and the financial services industry have, for years, been encouraging individuals to save for the future, using the likes of incentives, rewards and public awareness campaigns.
“It is, therefore, concerning that such a large number of respondents in the older age bracket don’t appear to be financially prepared for their retirement.”