Aviva: Retirees advise youngsters to use savings accounts

It might be a good idea for people to start planning for retirement at an early age.

Younger generations might find it a good idea to place money in savings accounts from an early age in order to plan ahead for the future.

Following research among older individuals, Aviva has issued advice from retirees to their predecessors and many suggest spending less on expensive life events and setting cash aside instead.

Some 60 per cent of them said a smaller amount of money should be spend on weddings, as this could be placed in a saving account to get ahead in later life.

Dropping designer labels, shopping around, using credit cards less often and not splashing as much on cars all featured in the top tips.

At retirement director Clive Bolton comments: "Despite this stark recognition by the public, many still delay making plans for their later years and perhaps understandably, focus their spending on their day-to-day life."

Keith Churchouse, director at Churchouse Financial Planning, recently warned the government is likely to increase the state pension age sooner rather than later, which could leave some people lacking in money.

By Emma North