Young People and Attitudes towards Pension Planning

Good job, good pension? The influence of the workplace on saving for retirement

“…(Interviewee D) I suppose we sort of trust they are putting it in the right place. (Interviewee O)The current research was conducted in the aftermath of a banking crisis and it might be conjectured that the financial climate would have lowered participants’ trust in the pensions industry but, contrary to the literature (Foster 2017; Vickerstaff et al 2012), there was little indication that, in the majority of cases, suspicion of the financial sector was restraining contributions. Participants were more likely to express trust in the pension scheme management than to express distrust.…”

Women millennials’ perceptions of pension savings through the use of autoenrollment in the UK pension system

“…Other priorities were identified in the study as the main reason women in the study opted out of auto-enrolment, in particular financial reasons such as housing costs and student loan repayments. These factors are identified elsewhere as significant financial priorities, especially for younger generations (Berry, 2016;Foster, 2017). Perhaps understandably given lower average wages, Prabhaker (2017) found that women were more likely than men to cite lack of affordability as a reason for opting out of auto-enrolment.…”

“…At a minimum, it needs to include examples of how longevity risk could affect financial wellbeing, as well as the tax implications of taking money from a pension (Pensions World, 2016). In addition to face-to-face advice, typically favored by women (PPI, 2016;Foster, 2017), attention needs to be given to the potential use of digital channels of communication (Shaw & Waite, 2015). Interview participants also discussed further ways of raising awareness of pensions and auto-enrolment, such as its use in schools.…”

“…Decision-making is especially challenging where individuals, especially women, have unpredictable life-course trajectories (Price, 2015) and have limited knowledge and understanding of where to locate appropriate impartial advice (Berry, 2016). Furthermore, competing demands at different points of their life, such as student debt and housing costs, or childcare costs, can mean retirement savings are not always prioritized (Foster, 2017;Creedy et al, 2015). Pension planning is age-related, with people not tending to think much about pensions until their 30s or 40s, with women often thinking about pensions later than men (MacLeod et al, 2012;Scottish Widows, 2014).…”

“…There is currently limited research which focuses on public attitudes to pension reforms and auto-enrolment (Foster, 2017;Inland Revenue 2015;Pettigrew et al, 2007;Prabhakar, 2017), and even less research which focuses specifically on younger women and their pension behavior (Foster, 2012;Foster & Heneghan, 2018;Prabhakar, 2017). Given that pensions are based on levels of contributions during the life course it is also important to comprehend 7 attitudes, knowledge, expectations and savings habits in relation to auto-enrolment in the earlier stages of people's working lives, especially within a changing pension policy context (Bryan & Lloyd, 2014).…”