Fear, Fun, and Forgetting The Future - Britain's Sensible Savers Leave Older Age to Chance

Fear, Fun, and Forgetting The Future - Britain's Sensible Savers Leave Older Age to Chance PR Newswire LONDON, November 20, 2012 LONDON, November 20, 2012 /PRNewswire/ -- 31% of 25-34 year olds want to retire on an annual income of more than £30,000 a year * They save 18% of monthly disposable income for near-term needs * But great expectations for retirement fall short as a mere 12% currently save for older age * Britain's bright young things save more of their monthly disposable income than any other age group, but fears about the future, spending for fun and the financial pressures of everyday living are contradictory to their expectations for a comfortable retirement. According to research commissioned by BlackRock, the fund manager, 31% of 25-34 year olds expect to retire on an annual income of more than £30,000 a year, higher than the national average salary of £26,100**. However, the BlackRock Investor Horizons survey*, undertaken in conjunction with YouGov, found that despite saving nearly one fifth (18%) of their monthly disposable income , higher than any other age group in this survey, only 12% of 25-34 year olds are currently saving for retirement and only 4% of their money is being invested. The 25-34 age group believes the UK job market and job security pose the greatest risk to their financial wellbeing and confidence, with half (48%) of those surveyed putting money aside for rainy day emergencies.