Young Brits 'unrealistic about retirement'
Young British consumers are being unrealistic about the lifestyle and level of financial security they can expect in retirement, according to the Department for Work and Pensions (DWP).
Most people aged under-34 around the country anticipate being able to afford many of life's luxuries when they finish working, despite that fact that the majority are currently not saving for retirement at all, research commissioned by the department has found.
With this in mind, the DWP has urged young Britons to be realistic about their financial prospects in later life and to start saving as soon as possible to have the best chance of gaining a sizable pension fund.
Paul Banfield of Best Advice Financial Planning, commented: "It's great that young people want more and the message to them is simple - you can take steps today to set yourself up for the kind of life you want tomorrow."
Des Hamilton, head of the Pensions Advisory Service, suggested earlier this week that many people around the country are unwilling to face up to the reality of funding their own retirement.
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