Aviva uncovers pensions calculator 'contradiction'

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Aviva uncovers pensions calculator 'contradiction'

There is something of a contradiction in the way that young people look at their long-term savings, according to Aviva.

Clive Bolton, 'at retirement' director at the company, explained that while today's under-21s are particularly generous towards their own family, many are not as enthused about supporting the state as a whole.

Research by Aviva demonstrated that over 40 per cent of young savers would sacrifice ten per cent of their salary to support their parents when they retire.

But 44 per cent of the same demographic believe it is unfair that they must fund the state pensions of current retirees.

Mr Bolton said: "There is quite a contradiction in younger people's financial attitudes towards today's retirees."

The firm also noted that savers approaching their own retirement date are far less willing to undertake "family philanthropy", as they are more focused on sorting out their own finances.

Another report released by Aviva recently showed that today's grandparents are generous with their time, with about half of such people in the UK providing free childcare for their offspring.

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