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Retirement prospects looking grim up north
10 March 2008 12:00
Most young adults in Yorkshire are failing to save adequately for retirement, according to a new survey, making their own aspirations look increasingly unrealistic.
Although the region's average resident aged under-35 hopes to give up work by the age of 64, Skipton Building Society's poll found that they would only receive a typical income of just £304 per month in retirement based on their current contributions.
In fact, over half of all young people in Yorkshire are not investing in a pension and a further one in five only manage to contribute less than £50 per month, with two out of three claiming they know they should save for the future but simply cannot afford to.
Unsurprisingly, this has left the savings of the region's under-35s looking distinctly paltry, as Skipton's study indicated that over three out of five have less than £1,000 set aside and almost one in three admitted to possessing no savings whatsoever.
Head of media relations Jennifer Holloway said that these findings should be a wake-up call to young Yorkshiremen and women and urged those in financial difficulties to calculate where they can cut back on their spending and then open up a savings account.
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