Young Brits 'need to start saving'

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Young Brits 'need to start saving'

Mon 16th Jan 2012

Young people across the UK need to heed advice that they should start saving as soon as they can in order to build up a significant nest egg for their retirement, it has been argued.

Robin Ellison, head of strategic development for pensions at Pinsent Masons, said it is important for young Brits to think of the long-term in order to create a financially-sound footing on which to build their retirement dreams.

He commented: "It's really good if they can save money early on, because the effect of compound interest is unbelievable. So the sooner they start the better it is, but it's very understandable that they have other priorities."

According to the latest figures from the Pension Protection Fund, the UK's private pension deficit has increased to a record size of £255.2 billion and as a result, businesses are coming under increasing pressure to fill in the funding gap.

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