What’s in a Name?

Anyone who works in business knows the importance of language. Businesses, products, and services require names with the right connotations and associations. It is therefore of more than academic interest that around one in five young people are putting off starting a pension because they do not like the word ‘pension’, according to new research by YouGov.

The research, commissioned by AXA, has revealed that if all the one million 18 to 24 year olds continue to delay starting their pension by five years, this could potentially lead to a combined shortfall in their retirement income of more than £44billion.

In addition, almost 75% of 18 to 24 year olds associate the word ‘pension’ with old age, which AXA warns could result in the younger generation leaving things too late when it comes to retirement planning.

It appears young people are not alone with their dislike for the word pension, as around a fifth of the total population aged over 18 associate the word with ‘grey’, while one in ten people think the word is old-fashioned.