Young Brits spend today and ignore tomorrow

One in ten UK singletons “are out of control” of their finances, according to IFA Promotion.

A new survey by the company reveals that over half of UK adults (24 million people) refuse to cut back on spending to save more for retirement and could be fuelling the UK’s inability to save for the future.

Responses to the survey showed that one in ten currently feel out of control financially while 41 per cent have already suffered a financial crisis at some point in their lives, compared to 28 per cent of married people.

The research also revealed that 72 per cent of 25-34 year olds prefer to bury their heads in the sand and simply donít know what their financial situation is.

David Elms, chief executive of IFA Promotion, said: “Retirement seems a long way off when you are in your late twenties or early thirties but if you don’t start planning for your pension in time it will have a serious effect on your future lifestyle.

“We are delaying important life events such as marriage and mortgages until later in life but this doesn’t necessarily mean we want to work into our dotage because we can’t afford to retire. The only sure-fire way to solve this dilemma is to take some responsibility for your long term finances now and get saving.”

© Adfero Ltd

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