The industry regulator, the Financial Services Authority recently conducted research into saving and investing with a group of 15 to 19 year olds. The research revealed that the younger generation believed investments and pensions were not aimed at them but at older people.
They also said that instead of asking an Independent Financial Adviser for advice, they would ask their parents! This is obviously okay for us as financial advising parents! Only 11% of those surveyed intended to take out a pension and only 60% said they wanted to purchase a home in the future. 20% wanted to have no debts and save on a regular basis.
Our View
Whilst the results weren't too shocking, the Government must take the future implications of peoples' views into account. If they think people don't save now, just wait until these 15 to 19 year olds get to their 40's and 50's.