The survey by the Scotland-based financial services firm found that one in eight middle-aged workers described their attitude toward retirement as being “totally unconfident,” compared to just one in 20 of young adults, according to tmcnet.com.
The index ranks confidence in the ability to maintain good living standards during retirement as zero and total confidence at 10. Following those aged between 30 and 50, who the index ranked as having a confidence figure of 4.4, are the 18-29-year olds, with a 5.1 confidence level, and 5.2 for those over 50.
According to the Alliance index, 29% of the over-50s said they planned on saving for 10 years and more than half of the 18-29-year-olds said they wanted to save for over 30 years before retiring, the Web site reported.
“There certainly seems to be an acceptance among younger people that they need to take retirement saving seriously… but whether this is matched by action remains to be seen,” said Hyman Wolanski, head of pension at Alliance.