Do pensions exist in the world of young people?

Date posted: 17/07/2019.  Author: Amber Pilson

During my time doing work experience and researching pensions I found that 6 out of 10 teenagers in the UK have not received lessons on simple skills such as financial planning, even though it is currently mandatory to receive these lessons between the ages of 14 and 16.

Some schools shy away from these particular topics as they are often unqualified to teach these subject areas, leaving students at a disadvantage. With increased pressure on timetables and the amount of subjects that need teaching, the most core subjects are getting prioritised. 

A study on pensions carried out at a school in Hertfordshire showed that 7 out of 10 teens there believed the government would provide most of their income once retired; with 8 out of 10 students assuming they would retire in their mid-60s. These statistics show the students’ lack of pension’s knowledge and unrealistic expectations for retirement. 

Without the right financial education, students may not realise that by the time they retire, the ideas they had in their head may not become reality. Not learning these valuable life skills means you could struggle in later life when setting up your pension and you could struggle to understand how to get the best plan for you.

Other pupils within my school year feel that we should not learn about pensions during school time as we do not need to know how they work until we retire. I believe teachers should take time to educate students about financial planning and pensions as it is an effective way to save and manage your money. I think that the more educated about these topics you are the more control you are able to have over your money.