Young worried about retirement income: poll

More than one-third of people aged under 30 were also concerned that they would retire too late to enjoy themselves and be active, according to the poll of 1000 youngsters.

A similar number of young people also said paying for a carer would be a major priority when they reach retirement.

The survey also revealed that 28 per cent thought they had the necessary knowledge to make informed decisions about retirement planning.

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Mike Teall, head of annuity propositions for Scottish Widows, said young people were failing to address their concerns through long-term saving, as only 4 per cent said that saving for a pension was of the utmost importance.

He added: “As an industry we must work harder together in order to increase understanding of saving and of the various retirement options available to help people prepare adequately for a more comfortable retirement and alleviate some of their concerns about the future.”