Jun 13 2008
Many of the UK's young adults have no time to consider their options for pension saving, it has been suggested.
According to the findings of a study carried out on behalf of American Express, close to a third (31 per cent) of all 20-somethings living and working in the UK feel that they have no time to spend thinking about saving for retirement.
Despite the fact that millions of people are expected to struggle for money when they reach retirement age, the same proportion of young British adults admit they do not even open their bank statements to assess their finances each month.
"Young working Brits have a lot of pressures and face a lot of choices in today's busy working life. The more choices they have, the less time they end up having," said Chris Rolland, head of American Express Insurance Services.
Only 42 per cent of adults in the UK believe that their parents have saved enough money to support themselves comfortably during retirement, Engage Mutual Assurance reported recently.
