Young people are not saving enough money for their retirement, an expert in the financial services industry has stated.
A spokesperson for The Pensions Advisory Service (TPAS) has said that some young people claim to be using buy-to-let properties as a way of saving money but most are not doing any form of savings to supplement their state pension .
"Unless young people have an occupational pension scheme, most are not making any expressed provision for retirement."
Young people "don't see pensions on the horizon" as university debt and demands to save money for property as the struggles of first-time buyers continue, the spokesperson added.
According to The Pensions Advisory Service, good company pension schemes are on the decline with more people having to take their own responsibility for their pensions and savings. The organisation advises that the longer workers put off paying into a savings account, the longer it will take to save an adequate amount of money.
In 2004 to 2005, 35.4 per cent of Britain's working population had a private pension scheme, which is 4.5 per cent down from the same report in 2003 to 2004.
Young people fail to consider pensions
Young people fail to consider pensions
Tue, 04 Sep 2007
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