Youngsters expecting miracles

30 November -0001

0Comments | Comment on this Article

Many young workers in the UK are planning to be rich by the time they are in their 40s, according to a new survey by ING Direct bank.

According to the bank, today's young people are expecting a life of plastic surgery, luxury cars and villas by the sea with people to wash their Gucci and Prada for them.

With the average wage for the 21-35 year old at just over £20'000, they are expecting 150% pay rises - it's expected that behind that life if luxury, there will be a wage of at least £50'000 per year.

In fact, the survey suggests that once they hit 40, many of today's youngsters will be earning just £25'000

"Unfortunately, today's young adults are in for a rude awakening as there is a huge gap between their expectations and the salaries they will actually be earning and they show no sign of reducing expenditure now in order to save for later in life," said ING Direct chief executive Lindsay Sinclair.

"Less than a quarter of young adults will look to savings to fund their future lifestyles. Rather, close to seven in ten career starters plan to pay for their expected lifestyles with huge salary increases - an unrealistic expectation.

"Our report clearly highlights the need for the younger generation to get serious about saving if they want to achieve their dreams."

0Comments | Be the first to comment!