This risks affecting younger people's finances in the long term, as it is these earlier savings that boost a pension pot thanks to so-called “compound returns”
This risks affecting younger people’s finances in the long term, as it is these earlier savings that boost a pension pot thanks to so-called “compound returns”
As the cost of living crisis bites into consumers disposable income, 18 per cent of 18 to 34 years olds said they would put less ofauto-enrolment scheme, while 15 per cent said they are willing to negotiate on pay. Compounding means that you earn interest on both the money you initially put aside, plus the interest you have already earned on that initial amount.
Across all ages, a smaller 7 per cent are said to be mulling a cut in pension contributions and 6 per cent are thinking about asking for a pay rise.
Danmark Seneste Nyt, Danmark Overskrifter
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