Savings suffer due to different debt attitude

A recent study carried out by the financial organisation urged people to start saving for their future before they passed the age of 30.

But, according to Prudential spokesperson Anthony Frost, the difficulty of getting onto the property ladder and a “different attitude to debt” among younger generations mean that it is not entirely surprising that older people are struggling to put enough aside for the future.

Mr Frost added: “It is now a different scenario from our parents or our grandparents in terms of savings.

“Our attitude to debt has shifted. It is now a flipside and we spend more than we save.”

This change in attitude towards debt, whereby the ‘spend now, pay later’ culture is an acceptable side of life today, means more and more people are caught short when reaching retirement age.