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Young people need to plan ahead financially
24 June 2008
Young adults need to consider their financial future as soon as possible, according to an educational charity.
As life expectancy increases, people will have to start contributing towards their pensions from an earlier age and this is against the natural instinct of many young people, claims the Personal Finance Education Group (Pfeg).
Wendy Van den Hende, chief executive at Pfeg, said: "Most people who are young do not spend their time thinking what it is going to be like in 40 or 50 years time."
With a turbulent housing market, young adults should start saving in order to improve their chances of making it onto the property ladder and should be educated to doing so, argues Pfeg.
"If you think with what is happening with mortgages – people have to save more to get deposits because they can't get a 110 per cent mortgage anymore," said Ms Van den Hende.
Research by youth charity Rainer and YouGov revealed that a third of young people have owed more than £5,000.
