Young need to consider pensions

Here at Debt Doctors Foundation UK, we promote the idea that people are never too young to learn about money and that having some financial knowledge is vital. With the country on the brink of a pensions crisis this is more true than ever. Experts advise that we should start paying into a pension fund or at least start making some savings provisions in our early 20s if we want to avoid poverty in old age. State pensions currently offer just £95.25 a week for a single person and £152.30 a week for a couple, so making your own arrangements is highly recommended.

With a survey from Friends Provident revealing that around 50% of people are not saving enough for their old age and 58% describe themselves as ‘clueless’ about pensions, it is clear that something needs to be done. Nearly everybody needs a pension and high life expectancies mean that we are relying on them for a much greater part of our lives than ever before. Therefore it is essential that as children and adults, we receive the education and support which will allow us to understand financial products and use them appropriately.

Many adults today are almost afraid of financial products and as a result will spend their elderly years living in poverty. To avoid this situation, Debt Doctors Foundation UK wants to bring financial education to schools, colleges universities and adults across the country so that we can break down the barriers of financial exclusion.

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