Quarter of Under 50s Yet to Set Up Pension Scheme

June 4, 2011 - PRLog -- New research by the UK’s leading discount website has revealed that a quarter of Britons aged 35-50 are yet to set up a type of pension scheme; either privately, through their employer, or by saving for their future themselves.

www.MyVoucherCodes.co.uk carried out the study as part of ongoing research into the financial situations of members of the British public. 1,492 employed Britons were subsequently polled, each between the age of 35 and 50, and respondents were asked to answer questions surrounding pensions and their thoughts on the topic.

When initially asked, ‘Have you set up a pension scheme yet, either privately, through your employer or by saving money yourself?’ 23% of the people polled answered ‘no’. These respondents were then asked why this was the case.

According to MyVoucherCodes.co.uk, the reasons for a quarter of Britons aged 35-50 not having yet set up any kind of pension scheme were as follows:

Haven’t got round to it – 32%
Employer doesn’t offer pension – 26%
Relying on State Pension – 17%
Too early to think about it – 9%
Other – 16%

Whilst a third said that they just ‘hadn’t got round’ to setting up a pension scheme of some description, just less than 1 in 10 thought it was ‘too early to think about it’ despite many pension schemes running for many years.

Those who selected ‘other’ were asked to specify their reason for not yet setting up a pension, to which the majority said they ‘couldn’t afford to’. Two respondents that selected ‘other’ said that they were relying on inheritance to fund their pension.

Mark Pearson, chairman of MyVoucherCodes.co.uk, commented on the findings:

“A pension is one of the most important things to have, financially, in your life. It’s all well and good relying on state pension, but the payments may not be enough to support your lifestyle. Therefore, if you get the opportunity to set up a pension scheme or have the funds to start saving, you should definitely do so.

“As for those who think it’s too early to think about a pension, I think it’s never too early. The earlier you begin saving towards your pension, the better your pension will be and the more money you will have to live on.”

LINK http://www.MyVoucherCodes.co.uk

For more information, contact Shannon Haigh of 10 Yetis Public Relations Agency on shannon@10yetis.co.uk or 01452 348211.


Editor’s Notes

Mark Pearson, chairman of MyVoucherCodes is a regular media contributor regarding online shopping and the credit crunch. At 30, his personal worth is more than £30 million. Mark was previously a trainee chef working for Gordon Ramsay at Claridges, London.

Mark appeared as a ‘Secret Millionaire’ in the series on Channel 4, in which he donated £115,000 of his own money to worthy causes.

MyVoucherCodes has had sales exceeding £481m in the last year

Consumer savings on online shopping via MyVoucherCodes.co.uk up from £28m in 2008 to £52m in 2009.

MyVoucherCodes is the UK’s most popular discount site.