Younger generation saving nothing towards retirement

Research from Prudential finds 20 year-olds on average lifetime earnings may have to work to the age of 72, while 30 year-olds are also facing longer working lives, unless they increase the current inadequate level of pension savings. Using these figures Prudential provides an anticipated scenario facing a 30 year-old hoping to retire at 65, using future basic state pension, state second pension and future earnings growth. The pensions specialist finds an additional monthly saving of around £340 is needed to achieve a pension of two-thirds of their annual pre-retirement income. If they...