Young Brits 'not taking pension saving seriously'
Millions of young British consumers are not taking pension saving seriously, one expert has suggested.
According to Des Hamilton, technical director of the Pension Advisory Service, Britons aged in the 20s and 30s find it very difficult to make savings for retirement a priority when it comes to arranging their finances.
Mr Hamilton maintains that for many people more immediate financial matters, such as going on holiday or buying a new car take precedence over adding to a pension vehicle.
He said: "Most people, unfortunately, don't see a pension as something serious until they're at least into their forties and then it becomes very difficult."
Often people will delay saving for retirement until such time as they need to add sizable sums to their policies in order to gain any kind of financial security in later life, Mr Hamilton went on to suggest.
Meanwhile, a recent report from the Lincoln Financial Group revealed that maintaining their current lifestyle is the main priority for people in or approaching retirement in the UK.
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