UK Money News
29th November 2007
Pensions saving 'getting harder for young people'
It is becoming increasingly difficult for young people to start saving for their retirement, it has been claimed.
According to Scottish Widows, it is important that people start saving for their retirement at the first possible juncture.
However, the personal finance firm concedes that it is now more difficult for people to get underway with such saving.
Ian Naismith, head of pensions market development at the company, remarks: "Realistically most people aren't going to do an awful lot in their 20s because they have to pay their student debts off but we'd say by the time people are in their 30s they should be doing something."
He added that areas such as student debt and getting on the housing ladder with which consumers require increasing amounts of help with money are putting paid to any attempts to save a pension pot in many cases.
The money news comes in the wake of research from TNS this month that suggests as many as half of 55 to 64-year-olds have no retirement funds in place.
This is despite the fact that 86 per cent know that their state pension will not support them.
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