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Start saving at 25 for retirement

Today's children must start saving for their retirement at the age of 25 to enjoy a comfortable old age, according to research. The next generation will be in their 50s before settling their student loans and in their 60s before being mortgage free.

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'Greater flexibility needed' in pension saving

Greater flexibility may be needed in pension saving, the head of investment propositions at Scottish Widows has said in response to a new study that shows that the next generation may have to start saving at 25 years old to retire by their 70s. Iain McGowan said:

Offering more flexibility that combines the accessibility of an Isa with the tax benefits of a pension could help future generations face up to the twin challenge of saving for short-term financial hurdles like a deposit for a mortgage or a wedding while at the same time setting aside enough for retirement.

– Iain McGowan, head of investment propositions at Scottish Widows

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