Most 19-25 year olds have no pension scheme

More than 70 per cent of young people aged 19 to 25 have not joined a company or personal pension scheme, new research has shown.

Pensions and investment specialist Clerical Medical has conducted research showing that the younger generation is less likely to sign up to pensions, believing it is the responsibility of the government to look after them when they retire.

However while 90 per cent said it was the government's responsibility, only 15 per cent said they were confident the government would actually provide for them.

Meanwhile a third said that if pensions were easier to understand and buy, they would be more likely to take out a scheme.

The survey also found that just under half the population (49 per cent) regularly contributes towards a pension, while 55 per cent are not confident of having a comfortable retirement.

A significant 76 per cent believe they need to do more for their retirement.

Graeme Riddoch, sales director, Clerical Medical, said: "It is frightening to discover that nearly half of the UK population (are) failing to put aside some pension savings for retirement.

"In order to boost pension contributions, we believe that it is essential that the UK population is provided with simple to understand products, sound information, and visible incentives for saving."