'Young generation finds it hard to save for pensions'

Despite the fact people in the UK should be looking towards making provisions for the retirement, younger people are finding it harder to start saving for their pensions, according to one expert.

Ian Naismith, head of pensions market development at Scottish Widows, believes the added financial burdens placed on many of today’s generation surpass those of yesteryear and as a result most young Brits will forget about saving until later on in life.

He explained: "Realistically most people aren’t going to do an awful lot in their twenties because they have to pay their student debts off but we’d say that by the time people are in their thirties they should be doing something."

Mr Naismith went on to point out that regardless of age, it is never too late to start saving: "Whatever you can save is worth doing to increase your standard of living a bit when you are older."

Figures from Scottish Widows show that 35 per cent of women who are of a working age do not have a pension scheme in place, compared to 22 per cent of men.