Young Brits ‘ignore pensions as debts mount up’

Many of the UK’s young consumers are neglecting to add to any kind of pension savings vehicle as a result of the debt management pressures they face, according to a recent study.

Figures compiled on behalf of Brewin Dolphin have shown that Britons aged between 25 and 34 are among those most likely to ignore their financial futures in the hope of becoming debt free in the short term.

However, it is not just young consumers who are putting their futures at risk, as Britons of all ages are struggling to save in light of their respective debt management burdens, the financial services firm has suggested.

Charlotte Black, director of corporate affairs at Brewin Dolphin, said: “Given tighter credit conditions it seems likely that pension payment breaks will become increasingly prevalent as the immediate pressures of servicing mortgages and dealing with
credit card debts take their toll.”

Last week, the John Charcol company urged homeowners not to panic and to seek appropriate advice if they are worried about their ability to meet mortgage repayment demands.