CIS says older generation 'failing' to save

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CIS says older generation 'failing' to save

The older generation is beginning to count the cost of a "live for today" attitude due to not planning sufficiently for their retirement, according to Co-operative Insurance (CIS).

Research has discovered that three quarters of people consider themselves to have been frugal with their cash if they are able to stay clear of their overdraft at the end of each calendar month.

In addition to discovering that 65 per cent of over-55s think avoiding slipping into the red is good financial sense, the younger generation appear to be embracing the concept of saving with over eight in ten believing that financial sensibility lies with having savings or investments.

David Newman, director of marketing at CIS, remarked: "The stark reality nowadays is that it is never too early to start your pension planning.

"Even though it may still be a number of decades until you intend to give up work, it is hugely important to have the financial provision in place to enjoy your retirement, rather than worrying – like many people obviously are – about counting the pennies each month."

The bank offers a range of savings options from the CIS Guaranteed Savings Bond to the CIS Child Trust Fund.

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