More than one-fifth (21%) of respondents aged between 18 and 35 do not understand how their pension works, according to research by Printerland.co.uk.
Its survey of 2,000 18 to 35-year-olds also found that 45% of respondents do not know how much money they will have saved into their pension pot by the time they retire.
The research also found:
- 24% of respondents believe they will never be able to afford to retire, and a further 24% think they will have to continue working in some capacity through their retirement.
- 19% of respondents cannot afford to invest in their pension savings.
- 18% of respondents are unable to save any money outside of their pension contributions.
Catherine Bannan, HR manager at Printerland.co.uk, said: “While millennials are aware of pensions, and understand they should be investing in them, some important details are still misunderstood.
“Researching and becoming educated in these details may be the next step for this generation.”