Young people need to start saving now and not let the credit crunch hinder their opportunity to create a safe financial future, one insurance firm has stated.
Norwich Union has issued the warning after a new survey from the investments and pensions firm revealed the young people of today could face average weekly shopping bills in the thousands in the next half century if historical trends continue.
And Head of marketing, corporate and pensions for Norwich Union Paul Goodwin stated that people need to think long-term in order to avoid the dangers of debt and bankruptcy in the future.
“As the credit crunch bites, most people are focused on short-term savings, but it’s important that they also start thinking about their long-term futures, even if they are only putting away a small amount each month,” he remarked.
The announcement follows claims from insurance expert Roger Edwards, who has argued debt is causing young people to not save as much as they should.