A reality check in the form of debt help could be needed for 're-run' generation
A reality check in the form of debt help could be needed for 're-run' generation
Thursday 4th February 2010
The Re-Run Generation report released by Standard Life reveals that people in the 28 to 40 age bracket are concerning themselves with the past and overlooking their commitments to the future.
Just over half (53 per cent) of the 're-run' generation are saving for the future, with 29 per cent expecting fate to play a major role instead.
Some 69 per cent are planning 15 years or less ahead for their finances, and 29 per cent admit they feel anxious (22 per cent) or filled with fear (eight per cent) about their future prospects.
Half of those surveyed agreed with the statement that "my generation is nostalgic because youth was a great time and we now find ourselves struggling to meet expectations".
Social commentator Damian Barr said people have to start looking forward as well as back.
"The Re-Run report shows we devote endless time, money and energy extending our youth, and yet by making the past so much a part of the present, we risk making our future riskier still," he said.
Head of customer management at Standard Life Mark Polson said the 28 to 40-year-old generation was one of the most "diverse and fragmented", having growing up in a culture that was very much focused on staying in the past.
"This is a generation which is opting out, hoping for the best and rationalising on their feet. They need a reality check to secure the future they hope for themselves," he added.
A recent study by Prudential reveals that one in five people planning to retire in 2010 have no pension, and are planning to rely on the state for their main source of income.
News article brought to you by Debt1 - UK Debt Management Specialists
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