As part of Royal London’s Millennial Mosaic research, millennials were asked for their savings tips for other millennials. They won’t all apply to every millennial but they do offer a good guide. The tips, in no particular order, include:
Tim Bresnan, 32 years old, Vice-Captain of Yorkshire County Cricket Club and two-time Ashes winning all-rounder said; “Regardless of age or career, the younger you start saving into your pension the better.”
Keri German, 29 years old from London; “I would recommend getting a financial adviser - I know so much more now after speaking to my adviser. But if that’s not possible, speaking to older people may help, as they are much more likely to have experience and understand pensions. Ask your Grandma and Grandpa or even someone in the workplace.”
Rebecca Dix, 34 year old from Swansea; “As soon as you have a regular income, get into the habit of saving. Even if it’s the smallest contribution, you need to get into the habit of sacrificing some of your salary.”
Robert Rushton, 34 year old from Wales; “I would definitely consider using a financial adviser. I don’t know much about investments and it’s important to know about the risks and rewards of investing.”
Catherine Harford, 31 year old from Hertfordshire; “I believe it’s really important to have some financial self-control, so saving is a major priority. A focus on short-term saving is important, for example, we focused on saving for our wedding and we’re then going to save to move to a bigger home but I still make sure I’m saving into a pension for my long term future.”
Sarah Millward, 31 year from Birmingham; “Make a banking folder on your phone and also links to useful sites, like your pension. It means you can be more in touch with your finances on a daily basis. It helped me save and also better understand my pension.”
Jamie Clark, business development manager at Royal London Intermediary pensions, said: “There’s no better time than the New Year to take a fresh look at your savings and pension. Financial resolutions don’t have to be difficult or complicated. Little steps can make a big difference such as increasing pension contributions when you get a pay rise and maxing out on any employer contributions.”
Millennials interested in finding out more about pension planning should speak to an impartial financial adviser if possible and look at information about workplace pensions on the Royal London website or their employer’s website. They can check out our planning for retirement tool and see more tips on saving on the Money Advice Service site.
