Millennials struggling for pensions help

Two thirds (66%) have signed up for workplace schemes underlining the success of auto-enrolment, however 23% say their current workplace or personal pension contribution is not high enough.

26% see a financial adviser regularly but 23% admit that they do not know if they are on target for retirement saving and a further 28% do not feel confident with money and financial matters.

Over a third (37%) of millennials believe that they are saving as much as they can but still don’t think it is enough for a comfortable retirement. An additional 16% don’t think they are ever going to be able to afford to retire.

Vince Smith-Hughes, pensions expert at Prudential, commented: “Millennials are as responsible as other generations when it comes to pensions and the talk about Generation Snowflake feeling entitled to an easy life is not true.

“They are often under a lot of pressure to get on the housing ladder and pay off their student loans at the same time as trying to prioritise pension savings.

“Rules can be confusing, especially when you are early in to your career which is why we advise most savers to seek financial advice when possible. Employers can help to ensure they provide information and support around their workplace scheme.”