I'm 23 — is it worth starting a pension now?

Starting a pension early is one of the most commonly discussed moves in personal finance, and the core reason is compound growth: any investment returns you earn are reinvested, so they themselves start generating returns. The earlier contributions go in, the longer that process has to work. In the UK, most people save into a pension through a workplace scheme or a personal pension such as a SIPP (Self-Invested Personal Pension). Either way, contributions benefit from tax relief — meaning the government tops up what you pay in, based on your income tax rate. If your employer offers a workplace pension, they are also required by law to contribute alongside you under auto-enrolment rules, which adds to the pot at no extra cost to you. The state pension exists as a foundation in retirement, but its age is rising — it is currently phasing up to 67 — so private pension saving is widely seen as important alongside it. There is no single right answer on how much to save or which type of pension to use, as that depends on your income, employment situation, employment benefits, and long-term goals. What is clear is that time in the market generally matters: even modest contributions at 23 can accumulate significantly over a 40-plus year working life. For guidance tailored to your specific circumstances, speaking to a regulated independent financial adviser is the right next step.