More under 40s are saving for a holiday (22 percent) than for retirement (13 percent), wealth management trade body PIMFA has claimed.

PIMFA's latest Under 40 Forum Survey, entitled ‘Future focus: building savings and investment policy for the under forties’, revealed that just one quarter are saving into a workplace pension.

The focus this year was to examine the "levers and pulleys" of Government policy with recommendations on five topics: social impact investing, financial education, short-term saving and investment, pensions and inter-generational wealth.

The research was conducted throughout the year ...