A survey conducted by Scottish Widows has found that most over 55s feel that they are well prepared for the future. However, 18 – 24 year olds fear for their financial security and are concentrating on paying student loans, before saving for the future.
The general trend among 18 – 24’s is that they would rather spend all of their disposable income, rather than save. Over 55’s have a different view, and would rather save and are prepared to fund their retirement.
The survey also revealed that young people felt that they were less financially aware than parents and that a high proportion of people believed that they didn’t earn enough to save.
Our view
Like most things, you learn by your mistakes as we get older, we have made more mistakes so we are wiser to those same mistakes and better skilled to spot ones we have not made.