Britons want to stay young and are refusing to save for the future, according to new research
BY REMMA KAUR | FEB 3, 2010
It found that one in three people aged between 28 and 40 intend to rely on an inheritance to fund their retirement.
It is the latest evidence of the pension crisis sweeping across Britain, with experts warning people are not saving sufficiently for their old age.
Mark Polson, head of customer management at Standard Life, which produced the report, said: “This is a generation which is opting out, hoping for the best and rationalising on their feet. These are smart, educated, savvy people who know they are not doing what they should to secure their financial futures. They need a reality check to secure the future they hope for themselves.”
People falling into this age bracket grew up in the 90s and Noughties – decades dominated by nostalgia – meaning they are so fascinated by the past that they fail to plan for the future, according to the findings.
Two thirds said they expect to live until their 70s and 80s, while four out of five said they knew they could not rely on the state to support them in retirement.
