One banking expert has recently stated that younger Brits need to begin thinking about pension savings accounts more seriously.
Younger savers need to take the time to look into high interest savings accounts in light of their retirement, says Pinsent Masons partner Robin Ellison. Mr Ellison remarked that this generation may find it difficult to plan so far ahead in the current economic climate, but still they must make efforts to do so by choosing a place to put money aside for their retirement years.
The financial expert conceded that for many 20 year old Brits it’s simply impossible to think ahead fifty years from now and suss out how they’re going to live. However, he did add that the current Coalition government needs to do more to highlight how important it is to put your money aside for the future.
The partner with Pinsent Masons also commented that regulatory measures controlling pension savings are quite often too difficult to understand clearly. He suggested that the government should take steps to make these regulations more easily understood as soon as possible.
In related news, Prudential recently revealed that 43 per cent of retirement-age Brits need to live cautiously on their pensions because of financial restraints. Parents have therefore been warned that they should begin teaching their children about the importance of savings as soon as possible, as younger children who have been taught how to use their money to the best of their abilities will have less financial constraint later in life.
According to a recently published study by Halifax, younger people living in North London fared the best in financial awareness tests, as these youngsters had more savings put away than their counterparts in the regions.