A recent survey conducted by YouGov has highlighted the crisis that the UK economy is facing in a few years’ time; if the attitude of today’s youth towards retirement saving does not change soon. Although young people understand the importance of having money stashed away for emergencies, they still think that saving for a holiday is more important.
This infographic by Zopa highlights the most common pitfalls that young people fall into on a regular basis, and some alternative choices which would help young people become more financially secure. Educating the youth of the country will on how their choices made now are promoting devastating results for the economy when they are at retirement age, would prevent the negative effect in the long run.
Although everyone values a good holiday that is memorable, it is important to educate young people on the importance of saving for retirement, or putting money away towards emergencies. Retirement savings should be the first saving that people in their twenties are taking out of their pay checks, a person who starts investing for their retirement in their twenties is able to invest less per month, giving them more money to spend on a monthly basis and a bigger retirement savings accumulated when they get to retire.
It would be great for everyone to take a look at the infographic and analyse the way they save their money and implement the necessary changes to make life better in years to come.