Report points to trouble for young consumers

With millions of consumers already facing serious debt management difficulties, a study by retirement specialist Tomorrow has shown that 59 per cent of Britons in their 20s have no plans to start adding to a pension funds.

Indeed, one in five people in this age bracket apparently ignore the potential debt management pitfalls and pin their future financial hopes on gaining a healthy inheritance fund.

“Despite warnings from the government over the pensions gap and the plan to raise the state retirement age, the UK’s twenty-somethings are still not aware of the dangers of planning too late for their retirement,” said Kirsty Macpherson, a spokesperson for Tomorrow.

“With the young not learning from the mistakes of the older generations and not making adequate preparations for their retirement, the current pensions crisis looks set too continue indefinitely,” she added.

A report from the Consumer Credit Counselling Service released earlier this year suggested that the debt management burden in the UK is gradually shifting to older generations.