Young Brits 'must save for retirement alone'
Young British consumers are generally obliged to save for retirement in any way they can without assistance from the government or their employers, according to the Pensions Advisory Service (TPAS).
The current retirement savings climate means young Britons are having to become increasingly self-reliant when it comes to establishing a worthwhile pension provision, according to a spokesperson from the organisation.
Strong company pensions are becoming a rarity in the UK and the majority of young people entering the workplace now tend to find their employment-based retirement savings options are limited, TPAS experts suggest.
"All the evidence would indicate that, unless young people have an occupational pension scheme, most are not making any expressed provision for retirement," a TPAS spokesperson commented.
"Some would tell us that they make provision through buying buy-to-let properties, but they are very much in the minority."
TPAS operates as a not-for-profit organisation and offers advice on all varieties of pension schemes.
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