Young professionals not saving for retirement

Most young professionals have no plans laid down for pensions or their retirement, according to a new study.

In total, 59 per cent of those surveyed by retirement specialist Tomorrow said that they were yet to begin setting money aside for when they stop working.

Nearly four in ten respondents aged between 18 and 24 said they were going to worry about retirement savings “nearer the time”.

And a fifth said that they were hoping to inherit some money at some point in their lives, which they would use towards retirement income.

The study also found that 27 per cent of over-55s felt that their pension funds are insufficient to see them through retirement.

Some said they would have to get a part time job when they retired, in order to make ends meet.

Kirsty Macpherson, Tomorrow spokesperson, said: “Our research has revealed that the UK’s twenty-somethings are still not aware of the dangers of planning too late for their retirement.”

In other news, the job title that a car insurance customer provides to their insurer can make a big difference to the price of their premium, according to research by Confused.com.

© Adfero Ltd

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