Young people urged to start saving for their future

The
pensions minister has warned young people that the ‘live for now culture’ is
undermining their retirement plans.

Malcolm
Wicks said young people would be in for a shock in retirement unless they start
saving for old age.

He
told a TUC seminar that pensions were about partnership, and although
government and employers had a role to play, individual responsibility was
crucial.

Delegates
at the Young People and Pensions seminar heard how employees must start
switching their spending from leisure activities to pension contributions at a
much younger age.

Wicks
also outlined the Government’s policy on pensions, with particular emphasis on
the pension credit safety net for the poorest pensioners and the proposed
pension protection fund.

By Ross Wigham

Comments are closed.