Young people 'find it hard to save for retirement'

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It is more difficult for young people to save for their retirement than ever before, according to the pensions market development head of Scottish Widows.

Ian Naismith stated that the growing pressures of university debts and getting onto the property ladder are making it harder for younger people to put money aside for the future.

He said: "A lot of people do find it difficult to save now for their pension at all. Every generation would say they have their own problems but I think it probably is harder these days.

However, Mr Naismith added that it is "never too late" for people to save for their retirement in a pension plan, as it can effectively increase the standard of living of people in later life.

Recent research by Scottish Widows found that over one in three women of working age do not currently have a pension scheme, while the pensions gender gap has grown to by five per cent since 2006.

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