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Young ignore pension pleas.

MORE than half of young adults have no plans to save for retirement, says a survey.

Most of the 18 to 24-year-olds who took part in the study said they would worry about their pensions "nearer the time".

And 59 per cent admitted they had no financial plans in place for their old age.

A spokeswoman for pensions firm Tomorrow, who commissioned the study, said yesterday: "Despite warnings from the Government over the pensions gap, and the plan to raise the state retirement age, twenty-somethings are still not aware of the dangers of planning too late for retirement.

"With the young not learning from the mistakes of older generations, the pensions crisis looks set to continue indefinitely."

The researchers also spoke to people over 55 and found that 27 per cent of them hadn't saved enough for their retirement.

Almost one in five thought they would have to work part-time to make ends meet and a quarter planned to release cash tied up in their homes to support themselves.
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Title Annotation:Business
Publication:Daily Record (Glasgow, Scotland)
Date:Jul 3, 2007
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