Most under-35s in the island are not saving for their retirement.

The Financial Service Authority’s research has prompted a consultation on pensions.

It is asking for views on pensions and the role the government can play in enabling people to save for their retirement.

There are two sets of questions - one for employees and another for employers - which can be accessed online at the government’s consultation hub.

A key theme of the consultation is the possible creation of a Manx workplace pension scheme to supplement an individual’s retirement income from the Manx State Pension, which is currently £184 a week for those who have contributed for 35 years or more.

In addition to mandatory state pension contributions, Manx workers can voluntarily contribute either to a pension scheme provided by their employer or a personal pension plan.

Both are intended to provide greater financial security in the form of an annual income.

The government says the consultation aims to explore why younger people are not saving for their retirement and what can be done to help people safeguard their futures, particularly those on low incomes.

Treasury Minister Alfred Cannan MHK said: ’This is an extremely important issue and the consultation process will enable us to gather information and assess the role Government may play in helping people save for retirement.

’I encourage everyone to take the time to provide their views and ensure we hear from all ages and backgrounds.’

The surveys, which may be downloaded, can be found by visiting the government’s online consultation hub at https://consult.gov.im/

For those unable to access the consultation hub, a paper version of the consultation can be requested via [email protected], or by calling 693827.

The process will run for six weeks and conclude on August 23.