Following our simple rule of thumb can help make saving for a pension from an early age much less intimidating
- 22% of millennials are unaware that they actually have a pension.
- 28% of millennials with a pension don't know what contributions are being made to their pension.
- 18% of millennials said having no idea how much they need to save was the third highest barrier preventing them from saving into a pension.
How SUMS can help build pension savings
We've come up with a simple rule of thumb that could help millennials to build up their pension savings - they just need to do their SUMS:
S: Start saving as soon as they can, no matter how small the amount.
U: Up their pension contributions when given a pay rise.
M: Max out on any employer pension contributions available.
S: Speak to a financial adviser to help with their pension planning.
*The value of advice is the difference between the financial circumstances of those who received financial advice in the group of individuals and those who did not receive financial advice.
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