Young adults 'face bleak future'
Britons due to retire in 50 years time face a "bleak future", according to a new think tank report.
The collection of essays, published by Policy Exchange, entitled 2056: What Future for Maggie's Children, claims that people born from 1980-1995 are set for financial difficulties, with ongoing student debts, problems buying affordable housing and an inability to save for their retirement.
Recommendations in the report include the setting up of flexible lifetime savings accounts with government top-ups to assist saving and a decentralised planning system to improve the availability of affordable housing.
David Willetts, shadow secretary of state for education and skills, said: "Without significant policy changes, the generation that will be in or approaching retirement in 2056 will find it much harder to build financial security than its parents."
A survey earlier this year by Winterthur found that 86 per cent of businesses believe that individuals are primarily responsible for financial security in their retirement.
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