Retirement is clearly a long way off for the retail store assistant, however that's not to say it isn't something he's already thinking about. Like many people his age, Matt pays into a workplace pension via auto-enrolment.
"The reason I set up another pension is because I don’t want to worry about money when I grow old," Matt exclusively tells Express.co.uk.
He added that setting up another pension was the best option for him.
"Even thought retirement is a long way off, I feel like now is the best time to sort things out for the future, because we never know what the future holds for us.
"I’d rather be safe than sorry."
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Pension saving hasn't so far been without challenges, however.
Matt explains there has been issues "now and then," due to the coronavirus pandemic.
"I wasn’t working many hours in certain months, so there were times where I was worried I won’t be able to contribute as much as I would like to," he tells Express.co.uk.
However, the Covid crisis has also served as an important reminder about the importance of saving for the future.
The digital pension provider, recently authorised by the Financial Conduct Authority (FCA) to run and operate its own SIPP, originally opened for the self-employed in 2019.
In 18 months, Penfold amassed 25,000 customers, 80 percent of which are self-employed.
Commenting on the research, Pete Hykin, co-founder at Penfold, said: “Self-employed workers have had to battle hard to stay afloat throughout Covid-19, but even a protracted global pandemic hasn’t stopped them from contributing to their pensions.
“We’ve found that, without the safety net of salaried employment, self-employed people tend to be more conscious of their day to day finances and more interested in actively safeguarding their future – particularly given their vulnerability to external shocks such as Covid-19.
“And it’s young people that are proving most engaged. Our under 30s customer base has grown 15x since the start of the pandemic, and their average monthly contribution has increased by 60 percent during this time, from £76 a month to £121.
“It’s great to see, but the pensions industry also needs to do more to reach out and engage young people. Providers need to make their pensions relatable in the here and now, instead of focusing on a distant point in the future."
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