Considering Oscar Wilde's quote "Youth is wasted on the young" and this latest research looking at pension engagement in Millennials, it would be easy to think that pension engagement is wasted on those at the start of their career.

However the opposite is true as young people, although usually more financially challenged at the start of their careers, actually are those with the greatest opportunity with regard to pension savings with time and compound interest on their side.

Not only that, on entering the workplace, typically from full-time education, there is so much that is new, they are still very much in learning mode and so they are very receptive to information, learning and guidance plus taking on board new practices.

For new joiners, capturing their interest and helping them to establish good financial planning habits from the outset will ensure they continue to apply these principles throughout their career, leading to financially healthier employees who understand and use their benefits.

So far from pensions being wasted on the young, this is actually the perfect time to provide them with a little financial education and to engage them with the power of (even very little) saving over a long period.

The opportunity is huge. If Millennials can be given the guidance and framework to improve their own financial wellbeing from the start, just imagine the impact of this over the course of their lives, across workforces and across the UK over the coming decades.

Pensions should not be lost on the young - they are the perfect target audience. All it takes is a bit of education, inspiration and guidance.