Expert claims young people make use of workplace pensions
27-01-2009
In the opinion of one expert, it is "a myth" that young people do not take advantage of workplace pensions.
According to the National Association of Pension Funds (NAPF), many younger employees are beginning to realise that they need to start saving if they want to live comfortably in their retirement, even if it is a long way off.
However, the organisation did raise concerns that workers' confidence in pension plans has fallen.
Mark Brookes, a spokesperson for the NAPF, said: "The important thing is, especially with the increasing use of defined contribution pension schemes, younger people have as much information as possible so they can make informed decisions."
A recent survey conducted by the body revealed that the economic downturn in the UK has affected people's opinions regarding pensions.
Of the schemes surveyed, 96 per cent believed that the economic crisis has made the closure of defined benefit schemes more likely.
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