Young putting off saving for pensions

Tue, 18 Mar 2008

Young people put off investing in a pension until it is almost too late, one expert has claimed.

Des Hamilton, technical director of the Pensions Advisory Service (TPAS), explained the fact that retirement seems so far away means that many young people find it difficult to bring the issue "within their financial horizon".

He said: "It's just something that's so far off and so remote compared to their next holiday or their next car or whatever it may be that immediate expenditure is more their focus.

"Looking beyond that, they'll be thinking about a mortgage ."

Mr Hamilton added that most people do not think about investing in a pension until they are in their early 40s, by which time it can be hard to save enough for their retirement.

Earlier this month, Anna Sofat of AJS Wealth Management warned that young people keep to high a proportion of their assets in cash and should look at diversifying their investments .
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