Are young Brits concerned about paying for care in old age?

Posted on 13 June 2011

The prospect of paying for long term care does not appear to be an issue that plays much on the mind of young Brits, many of whom would struggle to save for a pension.

Debt problems and low interest rates are acting as a deterrent for young people to save, according to the Debt Advice Foundation.

Occurring against a backdrop of economic uncertainty, paying for care in old age is likely to be the last thing on people's minds.

However, foundation managing director David Rodger explained that it is possible to achieve a balance.

He noted: "Savings are also used for unexpected events, a broken washing machine that needs replacing for example, and at peak spending times like Christmas and holidays.

"Using savings in this way stops you going into the red or adding to your existing debt."

Research by Unbiased.co.uk published earlier this week indicated that saving levels have surged, as the rate at which individuals are paying back debt has slowed.

FILTER BY

News search form