Younger workers are more likely to log-in and view their workplace pensions than older colleagues according to new research from Hargreaves Lansdowne.
This research found that – not surprisingly – older workers were more engaged with their pension savings options.
But while they were more likely to have registered for online access to their pension statements, they were less likely to log-in and view this information than younger colleagues.
Hargreaves Lansdown’s research showed that 90 per cent of the under 20s have logged in to view their workplace pension. This figure was 82 per cent for those in their 20s.
This compares to just 75 per cent of the over 50s.
However, when compared to the under 30s, the over 50s are 70 per cent more likely to increase their pension contributions, 64 per cent more likely to chose their own investments and more than three times as likely to nominate who should benefit if they die.
Hargreaves Lansdown says that using digital services is key to getting similar levels of engagement from younger people in the workplace.
HL’s senior pension analyst, Nathan Long says: “Pensions get really interesting as you get older and the promise of a life without full-time work comes into view, but plenty of youngsters are getting in on the act too, proving it’s never too soon to start retirement planning.
“Simple steps like getting online access for your pensions, checking their values once a year and checking if you can pay in a little more will all help ensure you can plan for the future with confidence.”
