New research from the investment platform Wealthify sounds a loud alarm bell. Their recent survey of 1,000 working-age pension holders found that a overwhelming 76% of UK adults believe pensions are not taught or discussed enough during their school years or early adulthood.
This sentiment is most potent among those who lived through it. The study shows that 83% of 55-65 year olds are strong advocates for earlier financial education, with nearly two-thirds (61%) admitting they regret not taking pensions seriously when they were young.
While financial education is now part of the UK curriculum, its implementation varies. In England, pensions weave into subjects like maths and citizenship. In Wales, Scotland, and Northern Ireland, these concepts can be introduced as early as primary school. The challenge, however, isn’t just inclusion—it’s impact.
“Pensions are one of the most important financial products most of us will ever have, yet for many, they’ve always felt like something we only start to think about far too late,” says Jessie Kwok, Chief Investment Officer at Wealthify.
The data highlights this disconnect. While half of 16-17-year-olds feel pensions aren’t taught enough, this figure jumps to 65% among 18-24-year-olds. This suggests that even when the topic is covered, the lesson often doesn’t resonate until young people enter the workforce and retirement feels more tangible.
With longer life expectancies and a higher cost of living, the need for early understanding is critical. The younger generation will need larger retirement pots than their parents, making foundational knowledge from a young age essential.
“The good news is that financial education has come a long way in recent years,” adds Kwok. “The challenge now is to make sure those lessons are consistent, accessible, and reinforced in early adulthood, so people feel confident and equipped to make the right decisions when it matters most.”
Answers to “People Also Ask” (Based on Google Search Intent):
Q: At what age should you start learning about pensions?
A: Experts argue that the foundation for pension education should begin in primary school, with more structured lessons in secondary school. The goal is to normalize the concept of long-term saving long before a person gets their first paycheck. Starting this education early helps combat the feeling that retirement is too distant to matter.
Q: Are pensions taught in UK schools?
A: Yes, but the approach is not uniform. In England, pensions are part of the secondary curriculum through subjects like maths and citizenship. In other UK nations like Wales and Scotland, financial education can start at the primary level. However, concerns remain about the consistency and effectiveness of this teaching in making the topic feel relevant to students.
Q: What is the main regret people have about their pensions?
A: The primary regret, according to the research, is not starting sooner. A significant 61% of pension holders wish they had taken the issue more seriously when they were younger. This “pension regret” stems from a lack of early education, leading many to delay contributions and miss out on years of potential investment growth.
Q: How can I make my pension feel more relevant when I’m young?
A: Instead of focusing on a distant “retirement,” frame it as “financial freedom.” Even small, regular contributions in your 20s can grow significantly over time thanks to compound interest. Viewing your pension as your most powerful tool for future flexibility makes it a more engaging and immediate goal.
Q: What is the #1 piece of advice for someone starting a pension?
A: The single most important step is to start contributing as early as possible, even if the amount seems small. Time is your greatest asset when saving for retirement. Consistent contributions from a young age will have a far greater impact than larger sums added later in life.