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Younger generation recognise importance of saving for retirement

Published on 12 August 2017 in Multi - News by Raffick Marday

Younger generation recognise importance of saving for retirement on Prepaid Debit Cards as they may not be seen as the most financially savvy age group, but people aged between 25 and 34 are certainly thinking ahead in terms of their personal finance.

According to YouGov and BlackRock, around 12% of Brits aged 25-34 are putting money into their retirement savings pot.

The survey also found that a substantial 56% have plans to start saving for their retirement.

On average, people in this age group save 18% of their monthly disposable income, with almost half (48%) saying that their savings would go towards a ‘rainy day’ and things that might happen in the near future.

BlackRock's head of UK retail, Tony Stenning, said: “By starting early and saving regularly Brits will help themselves build a bigger retirement pot more in line with their expectations for a reasonable income and lifestyle in later life.”

While auto enrolment will go some way to helping people make savings for later on in life, it is crucial to save as much as you can.

Research conducted in October found that one in four women face being forced to work into their 70s because they cannot afford to give up their job.

The figure comes from pensions giant Scottish Widows, which found that 26% of women and 19% of men are “failing to save for retirement”.

The firm also warned of a gap between the age women want to retire and when they will realistically be able to.

The average ideal retirement age worked out at 60, but this is unlikely for the millions of women who are unable to make savings they can dip into in their old age.

It is important to start making savings for your retirement as early as you can, regardless of your age.

One way to facilitate and boost the process is to open a bank account with a good savings rate, or switch from the bank account you hold at present to ensure you get the best deals.

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