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Young have `relaxed approach to pensions`

11 September 2007

Many people in their 20s have a relaxed approach to pensions, according to an industry expert.

The take-up of pensions is largely influenced by the time people have and the amount of money they are earning, which for people just starting their working life could mean they put thoughts of retirement on the back burner, a director at Churchouse Financial Planning has said.

Keith Churchouse added that if it was not possible for "20-somethings" to put money away for later life, stakeholder pensions can be arranged so that parents and grandparents can contribute on their behalf.

Mr Churchouse said: "The earlier the start, the less you can put in. You are either spending contributions or time. If you don`t start early, you can start later but the contributions you will need are huge. It is quite rare to find anybody in their early 20s saving for retirement."

According to the Pensions Commission, some 11.7 million workers do not make any contribution to a private pension.

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