The millennial mind-set isn’t focussed on pensions according to a new report from Standard Life. Evidence shows that this generation is less likely than others to own a pension. More than three fifths don’t own one and of those that do, a quarter admit they don’t take an active interest in it nor do they take advantage of the tax relief available on contributions.
The research was conducted through their Retirement Pulse; a nationally representative and independently administered online survey of over 1,000 adults which encompasses all age ranges, social backgrounds and levels of financial security.
The report also revealed that over half of people want to keep working in some capacity when they reach retirement age, 10% said they would like to continue working full time, while 42% said they would prefer part time work. As part of the research, those approaching retirement age were asked what their top reasons were for wanting to continue to work. 60% feared they would get bored if they stopped working, 55% said they enjoy the mental challenge of work and 53% said they enjoy the social interaction.
Alan McCarthy, Head of Distribution at Standard Life, said the way in which customers are planning for retirement is changing.
“While some view it as a time to stop work and put their feet up, many more view it as the time when the pace to working life changes rather than it coming to an abrupt end”
The full ‘Bringing retirement into focus’ report can be seen here.