Young Brits putting off retirement saving
(03 July 2007)

The majority of young Britons do not have any plans in place to save for retirement, according to a new survey.

Research by retirement specialist Tomorrow found that 59 per cent of twentysomethings do not plan to save for retirement.

As a result of this complacency, one in five will have to keep working part-time through their retirement years as a third face low income because of a failure to save.

"Our research has revealed that, despite warnings from the government over the pensions gap and the plan to raise the state retirement age, the UK's twentysomethings are still not aware of the dangers of planning too late for their retirement."

Many young Britons feel it is too early to start their retirement planning, with 39 per cent of 18 to 24-year-olds saying that they will worry about retirement funding 'nearer the time'.

But they are likely to leave it too late as the survey reveals 23 per cent of those aged over 55 began saving for their retirement between the ages of 41 and 50, leaving little time to save enough money to fund their retirement years.

A significant number are relying on unexpected windfalls to fund their retirement, with one in five expecting to inherit money from family.