Younger people must start investing in their futures
June 11, 2008
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 putting money aside into savings, pension, or investment so that they are able to enjoy an increased income when they reach retirement age. According to some experts many twenty and thirty somethings are failing to think about their future retirement, and are wasting money on frivolous spending or running up debts that could seriously affect their standard of living when they retire.
The decline of the state pension over recent years has fuelled concern over how younger consumers today will fund their future retirement. This is an issue that has become more and more important, but many people in these age groups do not tend to think about how they will cope financially when they are no longer working and earning an income after they reach retirement age.
Increased life expectancy and rising inflation levels have further fuelled concern in relation to this issue. An alarming number of people in their twenties and thirties do not have any pension in place, nor do they have savings or investments that could help them in their later years. With property prices at sky high levels many also do not own their own homes, and this means that they will not even have the security and investment element of home ownership to rely on.
Experts are now urging younger consumers to cut back on unnecessary spending and try and keep themselves out of debt, using the money to invest for their futures instead. Another recent report showed that the number of retired bankrupts had doubled over the past five years, reflecting the difficulties that retired consumers are now facing in terms of their finances.
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