Sipps awareness rises among the young after Budget

A sipp firm has undertaken research, which suggests that awareness of Sipps among young people has risen significantly since the Budget in March. The amount of 18-24 year olds who have heard of a Sipp rose by 56% in the survey conducted by ComRes on behalf of Suffolk Life. Prior to the reforms announced by the Chancellor at the beginning of the year, only 18% of this age group had heard of a Sipp, compared to 28% post-Budget. The research, involving two polls of over 2,000 people each, also intimated that almost half of adults (45%) have now heard of Sipps, with specific understanding around their role in retirement saving also rising. One in five now claim to know what Sipps are, according to the polling. {desktop}{/desktop}{mobile}{/mobile} However, the survey also revealed that people still believe that the onus for a retirement safety net rests on Government.Over a third of those surveyed (34%) felt that the Government will ultimately bear responsibility if overall retirement provision doesn't increase in the general populous.Prior to the Chancellor's Budget and pensions reforms, the majority of respondents felt that the burden would fall on individuals.However, despite the removal of compulsion to buy an annuity only 29% of those surveyed now believe that the general public would shoulder the consequences of a failure to save, compared to 34% in March 2014.Greg Kingston, head of marketing and proposition, at Suffolk Life said: "This year's budget has had a positive impact on Sipp awareness."It is encouraging to see more consumers taking an interest in retirement planning and building awareness of the options likely to be open to them from April 2015."However, our research shows there is still work to be done to ensure retirement saving is front and centre in people's minds and that savers understand that responsibility is shifting from the state to the individual."

Sipps awareness rises among the young after Budget

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