Alliance Trust says pensions not as important for twentysomethings
www.moneynews.co.uk > Pensions > Alliance Trust says pensions not as important for twentysomethings
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Money News |
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Alliance Trust says pensions not as important for twentysomethings
Tue 28th Nov 2006
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The Alliance Trust found that just 17 per cent of twentysomethings are putting money into pensions, compared to 27 per cent of people aged 30 to 50.
In contrast 30 per cent of those in their 20s are saving up to buy a house and 32 per cent are putting money away for specific purchases.
This could be rather worrying given that new figures from the accountancy firm Deloitte suggest that over 12 million Brits are not putting enough money in pension funds to live comfortably in retirement.
But while so few young people are thinking about their retirement, the Alliance Trust says this is not necessarily something to worry about. Indeed it says that in many cases different priorities demand a different approach.
Hyman Wolanski, head of pensions at the Alliance Trust, explains: "Not everyone has to start saving into a pension scheme as soon as they can, contrary to popular belief.
"A pension has clear tax advantages but will not be right for many younger people struggling to juggle their debts, day-to-day living costs and what to do with any remaining disposable income."
Instead she said there are a number of other savings methods that may be better suited to people in their 20s who have other financial commitments, such as individual savings accounts, which can then be run alongside a pension fund in later life.
Related News : Pensions |
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