‘Debts leave young Brits with lack of savings’

Debt managementproblems have left young UK consumers with a lack of saving provision that is likely to cause them considerable financial hardship in later life, it has been suggested.

Reflecting on the situation, Des Hamilton, technical director of The Pensions Advisory Service, said recently that for most Britons aged in their 20s it is spending and not saving that is their priority.

The evidence indicates that rising levels of debt management difficulty have seen more and more young people neglect to add to a pension or any form of retirement saving vehicle, Mr Hamilton went on to suggest.

“If you’re 22 and coming out of university, going into employment for the first time; retirement is just too far away,” he made clear.

“Young people want to enjoy themselves, and therefore it’s the now rather than the future that takes up their attention and spare income.”

A survey conducted recently by accountancy firm Wilkins Kennedy suggested that bankruptcy is being declared by an increasing number of retirees in the UK.