Young people face retirement challenge

Fri, 30 Nov 2007

Mounting debts early on in life make it difficult for young people to start saving for their pension years, an expert says.

Ian Naismith, head of pensions market development at Scottish Widows, explained that university debts were eating into young people's incomes .

In addition, trying to buy a house and achieve that kind of stability was tough on finances, he added.

Recent research by Scottish Widows revealed that women in particular are not saving into a pension scheme, 35 per cent against 22 per cent of men who do not have such provision.

Mr Naismith said that he advised everyone to start saving as soon as possible but recognised that it was financially impossible for some people to do so.

"We'd say that by the time people are in their thirties they should be doing something," he continued.

"Every generation would say they have their own problems but I think it probably is harder these days."
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