Almost four in five (87%) respondents have adapted their workplace pension scheme to suit the needs of millennial workers (aged 16-35), according to research by Aegon UK.
Its survey of 508 employers found that 23% use digital tools to help younger workers manage their pension contributions.
The research also found that:
- More than a quarter (26%) of respondents have introduced a more rewarding overall pension scheme in order to attract and retain young talent, and 15% have expanded their pension options to offer greater flexibility.
- 18% of respondents reward individuals for increasing their personal pension contributions.
- Just 4% have increased face-to-face or telephone advice in the workplace to suit millennial employees.
- More than a third (39%) think that younger workers favour digital tools above other means for pensions monitoring and communications.
- 12% of respondents believe that employees still appreciate annual statements as a means of communication, while 22% use print reminders and 22% hold regular meetings.
Angela Seymour-Jackson (pictured), managing director of workplace solutions at Aegon UK, said: “We’re now in the digital age, where millennials account for a growing percentage of the workforce.
“Auto-enrolment aims to encourage a change in attitude towards saving for the future, and for the younger generation, digital tools are essential to interact with their pension in a way that suits their lifestyle.
“Traditional methods of engagement are slowly losing their appeal, so it’s refreshing to see UK businesses increasingly taking responsibility for the finances of their younger workforce.”