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Robyn Hall
Just Retirement is going on the road over the next few months. This seminar is in London.
Area Sales Manager - Financial Services - London
North London
Mortgage Consultant / Mortgage Adviser - Fulham
South London
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People prefer past to saving for future
4 February, 2010
Twenty-eight to forty year olds who grew up in the nineties and noughties, decades dominated by nostalgia, are likely to be so fascinated by the past that they fail to plan for the future they expect, according to ‘The Re-Run Generation' report published today by Standard Life.
The report shows that just over four out of five 28-40 year olds (82%) like (69%) or love (13%) that retro brands from their youth are making a come-back, with three in five (59%) thinking their generation is ‘particularly fascinated with things from their youth'. Half (50%) agreed that ‘my generation is nostalgic because youth was a great time and we now find ourselves struggling to meet expectations'. Just under one in three (29%) admitted they felt anxious (22%) or filled with fear (8%) about growing up and getting older.
So called ‘Re-Runners' are not unrealistic about their future, and yet they do not plan for what they know. Nearly two thirds (62%) expect to live until their 70s (32%) and 80s (30%) and, when asked about their financial future, four out of five (84 per cent) said they either knew they could not rely on the state to support them in retirement (36%), or said they would like to, but knew they had to make their own plans (48%). One in three (29%) instead thinks fate will play a part in securing their financial future.
Commenting on the findings, Damian Barr, social commentator said: "The Re-Run report shows we devote endless time, money and energy extending our youth, and yet by making the past so much a part of the present, we risk making our future riskier still. We have to start looking forward as well as back.
"Our parents and grandparents like to appear financially responsible, but actually they are accidental savers. Final Salary pensions meant many people had a secure financial future whether they planned it or not. Re-Runners don't have the luxury their parents enjoyed and so we must make informed choices."
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