View more on these topics

Majority of young people not planning for long-term financial future, says ABI

Research published by the ABI shows that a majority of young people are not planning for their long-term financial future.

The research shows that less then half of under 30s are saving for a pension. This compares with over 70% of people born in the 1960s who had some kind of pension provision by the time they reached 30.

Joanne Segars, head of pensions and savings at the ABI, says: “It&#39s understandable that with all the financial pressure young people face today, they find it difficult to plan decades ahead. But this does not mean that the government, savings industry and employers must simply give them up as a lost cause &#45 it&#39s entirely the opposite.”

“The government must highlight incentives such as tax relief, the savings industry must go to greater lengths to explain pensions and employers must encourage employees to save. In fact one of the only differences between savers and non-savers was that savers tended to belong to pensions schemes that also received an employer contribution.”

Any evidence of saving tended to concentrate on the short-term and be aimed at specific goals such as a holiday or a wedding. The majority of young people displayed little awareness of the importance of saving for retirement and securing their long-term financial future. Even when forced to consider this option, they systematically underestimated the amount needed to generate a reasonable retirement income.


The Mortgage Mole

Running battleHats off to Heritable Bank&#39s head of treasury Kevin Smyth who completed this month&#39s London Marathon – dressed as Elvis Presley! Kevin ran as Elvis to boost sponsorship for the sight disorder charity Nystagmus Network, and achieved a finish time of three hours, 49 minutes. “Running as Elvis earned me lots of attention, including […]

Enable seems to be in conflict with Skipton over MPPI

From Graham BoulgerI was quite surprised to see Michael Ward&#39s comments in his letter to Mortgage Strategy in the April 12 issue. It seems that the Enable Mortgage and Insurance Network is in conflict with its parent company Skipton over the value of MPPI (ASU). Over the past two years Skipton has worked hard to […]

Industry figures voice concerns over HIPs

Leading players in the housing industry voiced considerable concerns about aspects of the Housing Bill during a parliamentary briefing organised by the National Association of Estate Agents last week. The briefing brought together representatives of the property industry to brief members of both the House of Commons and House of Lords with regard to concerns […]

Funny money is a serious business

Nearly nine out of 10 (89%) financial services compliance consultants surveyed recently by Huntswood Outsourcing believe that UK financial services providers are failing to comply fully with money laundering regulations. This is a pretty chilling figure but providers have it relatively easy compared with advisers. Money laundering regulation is extremely complex and identifying noncompliant activity […]


News and expert analysis straight to your inbox

Sign up