Cut back on spending, retirees advise young people

Young people should cut back on spending on life events and prioritise putting that money into an account with the best savings rates, retirees have advised.


A study by Aviva has found that 60 per cent of older people have recommended reducing expenditure for events like weddings in favour of increasing pension and savings contributions.


Bargain hunting, shunning designer labels and avoiding debt are other key pieces of advice that retirees want to give the younger generations, it found.


Clive Bolton, retirement director at Aviva, said that many of those who have gone through retirement are emphasising the importance of savings.


He said: "Many still delay making plans for their later years and perhaps understandably, focus their spending on their day to day life. It is crucial that as well as enjoying their youth, the younger generation also plan for their future."


Alan Smith, chief executive at Capital Assessment Management, recently claimed that pensioners need to consider their savings more carefully, taking steps to search for the best savings rates.

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2011-10-05 13:02:03 © Moneyextra.com