Case studies

Read Siddharth’s story

Case studies

Read Siddharth’s story

What type of schooling did you have, state or private? And what did you learn, or remember, about pensions in school?

Private school and [from] what I remember they taught us about finance but not what you need to do now or over the next ten years. It was just about retirement.

How has learning about pensions in school helped you? Has it made you feel more prepared?

I started working at the age of 18. Between 18 to 28 is when you learn a lot of life lessons. You realise you [need] savings if you want to buy a house, or if you want to save for your future and for your children. So that’s where you start planning.

Do you think everybody should learn about pensions in school? Why?

Everybody should learn about pensions in school, irrespective of whether it’s private or state. One thing that really stands out is [that] it gives you an opportunity to save, plan and at the same time prioritise your money.

Research from our Get Britain Pension Ready campaign found that just 20% of those who were privately educated said they were taught about pensions in school, while only 6% of their state school peers said they learned about pensions in the classroom.

“I’m saving something for my retirement because I don’t want to lean on my children or anybody else.”

How do you feel about pension planning? Anxious, optimistic, content?

I feel optimistic. At the same time there could be changes down the line by the government or changes in pension payouts. I’m saving something for my retirement because I don’t want to lean on my children or anybody else.

Do you take active steps to review your pension contributions on a regular basis and plan your finances for the future? How?

I review my pension contributions regularly. I log into my pension website bi-weekly just to check how is it fairing.

Unlike Siddharth 26% of those surveyed for our Get Britain Pension Ready campaign said they reviewed or reassessed their pension contributions every few years, 21% admitted to doing so less often and 31% said they had never looked at their pension contributions.

What worries you most when thinking about pensions (and retirement)?

The one thing that really worries me about pension and retirement is you don’t get to see the money up front. You’re only able to withdraw 25% at first. Personally, I would like to see a change in how pensions work by the government because it’s your hard-earned money.

What advice would you give to your younger self when it comes to pensions and planning for retirement?

The only advice I could give to my youngest self is try to plan your future whether it’s related to pensions or any other investment in a way that helps you grow.