40% of young people don't think about pensions - study

New research shows that people are now much more aware of PRSAs but that take-up of pension plans is still slow.

In the past year, the percentage of 25 to 35 year olds with a pension has risen by just 4%.

But 40% of those surveyed in that age group by the EBS Building Society said they prefer not to think about making provision for their financial future.

The survey also shows that young people's confidence in their ability to manage their money is falling.

Head of PRSAs at EBS Paul King said young people and particularly first time buyers are wrong to think they can’t afford to take out a pension.

Mr King said people need to consider pensions with the same priority as health care, and should not procrastinate in sorting out a pension plan.