Cheshire Building Society: Young people need to start planning for their financial future
05/10/2007
Twenty-somethings are getting caught up in the ‘buy now, pay later’ culture and putting their futures at risk, warns Cheshire Building Society.
The office for national statistics shows that Government pension support is on the decline and life expectancy is on the rise, which means it is more important than ever to protect existing finances with insurance and plan for the future with savings plans and pensions.
Many young professionals in their 20s are not interested in worrying about how they are going to cope financially when their hit pension age, but Frank Harrington, Head of Partnerships at Cheshire Building Society warns that delaying setting up a pension or an account can significantly reduce the income that will be available in retirement.
Mr Harrington is also concerned that twenty-something are also ignoring the importance of things like life insurance too.
“This is something that many young people just don’t think about, but they need to start taking action now and avoid any further delay.
“Twenty-somethings are at the ideal age to start saving. Many have started earning a regular salary and are at the stage where they are looking for their first home or thinking about starting a family.
“If they put sensible financial plans in place now, they will reap the benefits and have more security by the time they move towards retirement.”
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