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Great expectations, little savings

12 February 2008 / by None
New research has found that many young people expect to be able to afford things in retirement that they currently enjoy without taking the necessary steps toward saving.

The YouGov survey involved around 2,000 people and found that a high proportion of them are not backing their retirement plans financially, with those in the south-west region being the worst offenders.

Commenting on the necessity of setting yourself up for the kind of life you expect, Paul Banfield of Best Advice Financial Planning said: "If you don't wake up to this opportunity and simply cruise towards retirement with your eyes closed, you may have a rude awakening."

Following the south-west for the biggest expectations/savings gap is Scotland, the West Midlands, the south-east and east Midlands.

Pensions minister Mike O'Brien advised that pensions should be a "young person's issue" and that the earlier money is saved the higher the benefit will be at retirement age.

In related news, the Czech government has announced that it is to raise the retirement age to 65 by 2030, reports the Guardian.

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