Many people begin to think about their own retirement as they go about their working life, but by providing financial education for their children, the next generation could reap huge financial rewards. As well as healthier retirement prospects, children could benefit greatly in various ways from financial education, according to a study from GoHenry.
Those who received financial education as children are likely to be far richer in retirement. Adults who learnt money lessons are saving on average 43 percent more into their pension plans per month compared to those who did not.
The increase in the average pension pot for someone saving £149 per month compared to someone saving £104 per month would amount to £71,250 over a 40-year working lifetime.
Someone earning the national average would need to work more than two years extra to make up this shortfall.
According to GoHenry’s calculations, someone saving £45.58 into a pension pot each month would amass a final pension valued at £71,250 when they turn 67.