Mind & Money: understanding ourselves and our attitudes to risk
On The Money
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The Importance of Knowledge and Experience in Pensions
About a third of people in the millennial age group move their pension from the default option into a lower risk option. I think that that for the most part is not age related. It is related to the discomfort of being new to this complex thing. As we get familiar with a certain type of risk, we become more willing to take it and indeed it becomes safer for us to take it because we're preparing for it more. So actually helping young people to overcome that nervousness by providing them with education early on is a really valuable thing.
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