Alliance Trust says pensions not as important for twentysomethings by Finance News Bulletin

Published: 15/01/07

wwwmoneynewscouk > Pensions > coalition Trust says pensions not as significant for twentysomethingsSaving for a pension is not as significant to people in their 20s as paying off amount overdue and getting on the possessions ladder, new research suggests

The Alliance Trust found that now 17 per cent of twentysomethings are putting cash into pensions, compared to 27 per cent of people aged 30 to 50In contrast 30 per cent of those in their 20s are saving up to buy a home and 32 per cent are putting money away for exact purchasesThis could be rather worrying given that new info from the accountancy definite Deloitte suggest that over 12 million Brits are not putting enough money in pension money to live comfortably in retirementBut while so few young people are thoughts about their retirement, the Alliance faith says this is not necessarily something to worry about

Indeed it says that in many cases dissimilar priorities demand a dissimilar approachHyman Wolanski, head of pensions at the coalition Trust, explains: "Not everyone has to start saving into a pension scheme as almost immediately as they can, contrary to well-liked belief"A pension has clear tax advantages but will not be right for many younger persons struggling to juggle their debts, day-to-day living expenses and what to do with any remaining disposable income"Instead she supposed there are a number of other savings methods that may be better suited to persons in their 20s who have other financial commitments, such as individual savings accounts, which can then

Visit original article: