Savings Inertia For Nostalgic Nineties And Noughties Generation
06 February 2010 / by Andy Davies
People who grew up in the last two decades are so fascinated by the past, that they fail to put adequate savings in place for their future, Standard Life has claimed.
According to a new report, only 53 per cent of 28 to 40 year olds – dubbed as ‘Re-Runners’, are saving for their future, while 69 per cent said they make plans 15 years or less ahead for their finances.
Meanwhile, 50 per cent of ‘Re-Runners’ agreed that their generation is nostalgic because their youth was ‘a great time’ and they are now ‘struggling to meet expectations’.
However, the report has found that four out of five people are realistic when it comes to their pension plans, accepting that they cannot rely solely on their State Pension to support them in retirement.s
Interestingly, 29 per cent of people believe fate will play a part in securing their financial future.
Commenting, Damien Barr, social commentator said: “The Re-Run report shows we devote endless time, money and energy extending our youth, and yet by making the past so much a part of the present, we risk making our future riskier still. We have to start looking forward as well as back.
“Our parents and grandparents like to appear financially responsible, but actually they are accidental savers. Final Salary pensions meant many people had a secure financial future whether they planned it or not. Re-Runners don’t have the luxury their parents enjoyed and so we must make informed choices.”
Meanwhile, Mark Polson, head of customer management at Standard Life warned: “These are smart, educated, savvy people who know they are not doing what they should to secure their financial futures. They need a reality check to secure the future they hope for themselves.”
© Fair Investment Company Ltd