26% of older workers do not want education on retirement issues

Around a quarter (26%) of respondents between the ages of 56-65 do not want any financial education on retirement and pensions issues, according to research by financial solutions organisation Partnership.

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The research, which surveyed 2,000 people over the age of 21, also found that 18% of 21-30 year olds did not want any education around retirement issues.

The study also found:

  • 34% of respondents aged 56-65 were interested in education around how to manage their finances to ensure tax efficiency.
  • 28% of respondents aged 56-65 want education around different types of retirement income products.
  • 41% of respondents between 21 and 30 felt that when they retired they would want to understand how to structure a budget for retirement.
  • Around a third (32%) of respondents between 21 and 30 want to gain information on state support, and a quarter (25%) want education on tax efficient finances.

Jim Boyd, director of corporate affairs at Partnership said: “While it is concerning to see that some people appear to have little interest in retirement planning, the vast majority of people are keen to understand more about some of the key issues that will impact on their finances when they stop work. 

“While older people want to ensure they receive the state support they are entitled to, the younger generation is most interested in how to structure a budget for retirement. 

“This difference of opinion may be due to those in their twenties being skeptical about the level of government support they will receive when they retire or perhaps being more optimistic about the level of retirement savings they can achieve.

“In addition, the older generation are also almost three times more interested in retirement income products as they are closer to stopping work and face the reality of having to replace a regular income.  

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“Irrespective of the differences, overall it suggests people want more clear information and education on retirement issues to ensure that they feel they can make the most of their finances.”