While young Brits are at least saving some their monthly earnings, new research suggests they are still not putting aside enough for their future retirement.
A survey conducted by Birmingham Midshires, questioning 1,000 people, finds in the first three months of this year, young Brits under the age of 30 saved an average of £792. While this represents a 14% increase in the past six months, the bank finds only £167 of this is being set aside for retirement purposes, representing a mere yearly sum of £668. This runs parallel with research recently published by Scottish Widows on pensions and affordability, finding young British workers are only putting 9.3% of their income towards their retirement annually. The firm estimates a minimum of 12...
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