Friday 7th March 2008
Yorkshire residents aged under 35 are being urged to start saving for retirement or risk having to "scrape through" the post-work years, it has been suggested.
New research from Skipton Building Society found that one in seven of this demographic in the region does not make any deposits for retirement into a savings account, while one in five contributes less than £50.
Jennifer Holloway, head of media relations for the company, said these consumers need a "wake-up call" unless they want to work for much longer than they have to in order to earn enough for retirement.
"Our figures show todays under-35s will either need to work much, much longer or earn much, much more to be able to retire when and how they want to," she added.
Those with the option of a company pension scheme may benefit from investigating this option further, while others could look into individual saving accounts or other types of investment vehicles.
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