Positive outlook for future despite debt fears

According to Prudential, Britain’s younger generation is hoping for a sensible retirement, possibly because debt is knocking back the prospect of a retirement of world cruises.

Ali Crossley, Prudential UK’s director of lifetime mortgages, said that it was good that many young people had a positive outlook for the future. However, he warned: “Many of today’s pensioners are already struggling to pay for their day to day expenses – not to mention any ambitious dreams.

“The over-65s’ retirement fears and worries clearly show that reality is different to what the younger generation expects it to be, with money being an issue for retirees.”

The warning comes as a recent survey revealed that a significant amount of pensioners owe so much money that they believe they will never clear debt before they die.

Mr Crossley also warned that today’s optimistic younger generation may likewise be saddled with a retirement of debt unless they start saving now.