Young people in the UK have their heads in the clouds and are in for a financial shock, according to the latest YouGov poll.
Over half of under 34-year-olds are not saving anything, according to the survey of nearly 2,000 people.
The Department for Work and Pensions (DWP) blames this on the “want it now” attitude and big plans without putting aside any month for later in life.
“Work and saving should go hand in hand,” commented pensions minister Mike O’Brien.
“Pensions aren’t just for pensioners they are a young person’s issue. If young people don’t have a save now attitude they could miss a trick.”
Commenting on the survey, Paul Banfield of Best Advice Financial Planning said: “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.
“If you don’t wake up to this opportunity and simply cruise towards retirement with your eyes closed, you may have a rude awakening.”
The poll reveals the biggest gap between people’s expectations and their savings is in the south-west, closely followed by Scotland and the west Midlands.
Young people in Scotland are most likely (84 per cent) to believe they can afford their current lifestyle when they stop work compared to just over a third in Tyne Tees where people have a more realistic attitude.
Source: myfinances.co.uk
