Young adults worried about reaching retirement, study shows

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Financial Services > Pensions > News

Young adults worried about reaching retirement, study shows

Wed, 04 Oct 2006

Many young adults in the UK are concerned about the state their finances will be in once they are reliant on a pension, according to new research.

Some 73 per cent of 18 to 24-year-old UK residents are concerned that they may not have enough in savings for a comfortable income after reaching retirement, a Scottish Widows study has shown.

Furthermore, the majority of young UK adults (66 per cent) believe that their parents are more financially aware than they are.

However, it also appears that many Britons may not be taking adequate steps to secure their future, as a quarter of 18 to 24-year-old respondents stated that they would rather spend their money enjoying the present than save for a pension.

George Andrew, consumer affairs spokesperson at Scottish Widows, commented: "Many young people are focused on paying off student debt and getting on the housing ladder and longer term financial planning takes second place."

The Association of British Insurers launched the Save More Now campaign earlier this year, designed to highlight the importance of saving for a pension as early as possible.

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