Thirty-somethings could face bleak financial future

 

March 17, 2008

According to the results of a recent poll many people in their mid-thirties could face a bleak financial future, as they spend too much, save too little, and do not put any money aside to fund their retirement. Experts are concerned that many of those aged around 35 and under may end up either retiring with little or no money or may have to work well into their 70s in order to retire comfortably with enough money to live on.

The study was carried out on behalf of the Skipton Building Society and involved interviewing over twelve hundred people aged between 18 and 35. The results of the study showed that many of those in their thirties have no savings to speak of, no pension fund, and were continuing to fritter away their wages on frivolous spending without any thought for their own future and retirement.

Experts state that many of these consumers may have to work until around the age of 76 in order to retire with enough money to live comfortably on, otherwise they face retirement without sufficient funds to live and enjoy their golden years. The study found that over half of those consumers were not putting money into any pension fund, and many others were only putting aside £50 or less, which is way below the recommended level.

The survey also showed that one of the main reasons behind so many younger people failing to put money into a pension or into savings was the high levels of debt that they are in, with around 75% of those interviewed in the red with average debts of around £9000.

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