The must have today culture

A ticking time bomb for the future

The Department for Work and Pensions (DWP) sampled the financial expectations of 18 to 34 year−olds, and predictably discovered that they want to retire with foreign holidays, satellite TV and gym membership &doubleas standard”. Without saving much, naturally.

More than half of Britain’s under 34s are not saving at all, burdened as they are with student loans, rents, mortgages, and raising a family. That has been the case for many years, but it is significant the Government has chosen to highlight the problem.

The department concludes that the under 34s are in danger of becoming the &doublebig dreams, small assets” generation. If they don’t change, they will certainly be a problem for whoever is in Downing Street around 2050. Mike O’Brien, the pensions minister, said that pensions are a young person’s issue and they should remember how compound interest enhances early saving.

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