Yong Britons 'set to struggle in retirement'
Many of the UK's young consumers are set to struggle financially during retirement if figures relating to the savings habits of people living in Yorkshire are representative of the whole country.
According to recent research by Skipton Building Society, half of all people aged under-35 in Yorkshire are expecting to retire at the age of 64 despite not adding to any kind of savings vehicle.
Saving for retirement is becoming more difficult for young consumers, the latest study suggests, with almost three-quarters of all the young men and women polled revealing that they were in some form of debt and thousand saying they could not afford to set money aside on a regular basis.
"Our figures show today's under 35s will either need to work much, much longer or earn much, much more to be able to retire when and how they want to," said Jennifer Holloway, head of media relations at Skipton.
"It's definitely time for a wake up call," she added.
Earlier this week, Nationwide urged anyone with an individual savings account open in their name to make full use of their tax-exemption potential.
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