Advisers struggling to get younger generation investing early
THREE quarters of financial advisers think that people leaving retirement planning too late is the biggest threat to future financial security, but many admit it is hard to engage people earlier.
A poll by pensions firm Aegon found that 11 per cent of advisers are trying to address this by targeting younger people so that they understand the benefits of investing early.
However, another 33 per cent said they found it a challenge to reach this demographic.
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The provider suggests the current economic environment and rising inflation are not helping, with separate Aegon research showing that 62 per cent of people aged 18 to 30 say rising prices have left them with less money at the end of the month than they had six months ago.
“Advisers have a key role to play, providing valuable advice on a wide range of elements, including setting appropriate contribution levels and advising where to invest to meet long term aims,” said Steven Cameron, pensions director at Aegon.
“By engaging with savers early in their financial journey, advisers can put them on the right track. Advice needs differ with life stage so it’s important to offer relevant and timely insights and support, with technology offering new opportunities.”