Youngsters becoming more astute with money

According to Cooperative Insurance, 82 per cent of the younger generation have savings of some form, but 42 per cent do not consider pensions and planning for the future to be a necessary part of debt management.

David Newman, director of marketing at Cooperative Insurance, said that workers of all ages should give some thought to their retirement debt management: “However, given that around 12 million Britons are currently still not saving enough to fund their retirements, it is clear that more needs to be done to ensure that quality of life is protected once the decision is made to finish work.”

His warning comes as the governor of the Bank of England, Mervyn King, warns that Britons’ finances were in such a poor state that many families could lose everything to debt.

This view is reinforced by the Cooperative Insurance report, which claims that the poor debt management of “buy now, spend later” is not limited just to young people but to older generations as well.