Britain’s young people need to start saving as early as possible, according to the Pensions Advisory Service (TPAS).
Today’s youth will be caught out when they hit retirement age unless they have managed to garner a company pension, the organisation said.
However, some people these days are choosing to invest money in property, a spokesperson for the outfit said.
It was suggested that the majority of young people without occupational pension schemes are “not making any expressed provision for retirement”.
The TPAS spokesperson added: “Some would tell us that they make provision through buying buy-let properties, but they are very much in the minority.”
Good company pension schemes are “on the decline”, the spokesperson added, saying that most people being employed currently will not have one available and that these days people must be more “self-reliant”.
Currently the overall rate of personal debt in the UK is over £1 trillion, according to the debt charity Credit Action.
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