Difficult retirement for those in their thirties
April 12, 2008
Many consumers in their twenties and thirties give little or no time to the thought of how they will fund their retirements, and a recent report has shown that those in their thirties could be heading towards a very bleak retirement due to lack of money fuelled by frivolous spending and failure to put any money aside for their futures. Hundreds of younger people were polled in a survey for the Skipton Building Society, and the result showed a worrying trend amongst consumers in their thirties.
According to the results of the survey many people in their thirties care continuing to spend money like water, despite the effects of the credit crunch when it comes to household finances. Many are putting very little away towards their retirement or in savings, with a large number of people in their thirties having no savings or having under £1000 in savings. Some were not putting anything at all away for their retirements, and industry experts state that this could result in real difficulties.
It is thought that many people in this age group could end up working well into their seventies in order to have adequate funds to retire on, thus resulting in them being unable to enjoy their golden retirement years. The results of the survey showed that the majority of respondents had high levels of personal debt, which affected their ability to put money into a retirement fund, with around 75% of them in debt, and the average debt being around £9000.
Whilst some were putting money away the amounts were very small – around £50 a month towards their retirements, which experts state is nowhere near enough to fund a comfortable retirement.
Related Articles
- Younger people must start investing in their futures Industry experts are warning that younger people in their twenties and thirties need to start seriously thinking about their financial futures, and need to start
- Thirty-somethings could face bleak financial future 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
- Pension advice for the over 50s Most of us have heard experts banging on about the importance of having a pension in place, and that you should start savings for your
- Long way to retirement for today’s older generation A recent report has shown that many of today's older generation could end up being unable to retire at the traditional retirement age, and may
- Financial benefits of quitting With the smoking ban now in force in the UK, many smokers have decided to try and kick the habit in order to become part
Comments
Got something to say?