HSBC have warned that university graduates risk cutting their pension funds in half by delaying contributions until they are 30. Almost half of young people believe that they are too young to prioritise their pension, with 48% of 16-24 year olds ignoring the need for a pension completely.
Only 17% of this age group and 43% of 25-34 year olds are currently paying into a pension. Around 55% of 35-44 year olds and 49% of 45-54 year olds are not making any pension contributions.
Our view
For every five years you delay starting a pension you half it! Whether you are 20 or 40.
This is a pure numbers and returns calculation. The sooner you start to save the better.
Contact us for advice on a pension.