People in their thirties are saving too little and spending too much

A recent report has suggested that many consumers in their thirties could face problems when it comes to their financial futures and their retirements, because many are simply spending too much, saving too little, and have done little or nothing about putting some retirement funds away for their future.

Industry experts state that many people in this age group could find that when it comes round to their retirement they do not have sufficient funds to enjoy their lives, and many could even end up having to continue work well into their seventies in order to have enough cash to live comfortably on.

Hundreds of people were polled as part of a survey carried out for the Skipton Building Society, and the figures showed that a worrying number of thirty-somethings could find themselves facing a bleak retirement with insufficient retirement funds because they are continuing to spend frivolously and are failing to contribute enough – or in some cases anything at all – to a retirement fund of some sort.

Many are also trying to cope with existing debt, leaving them with even less money to put aside for the future, with around 75% of those polled having personal debts of around £9000 or more.