Debt management may be required by 're-run' generation
- Thursday, 4 February 2010Debt management plans may be required for the "re-run" generation who are more concerned about reminiscing over the past instead of planning for the future.
The Re-Ren Generation report by Standard Life reveals that 28 to 40-year-olds are likely to be unrealistic about their future as they are so fascinated by the past.
Only 53 per cent are saving in advance, and 69 per cent plan 15 years or less ahead for their finances, states the report.
Some 29 per cent think fate will play a part in securing their financial future.
Yet half agreed with the statement that their generation was nostalgic because "youth was a great time and we now find ourselves struggling to meet expectations".
Commenting on the figures, brand historian Robert Opie said the impact of nostalgia on those in the 28 to 40 age group was "worrying".
"They feel they are not grown up and tend to cling to the familiarity of their formative years," he said.
"This feeling has been intensified by current financial uncertainty and has resulted in a generation who are more likely to look back or ‘live for the moment'."
Meanwhile, staying on top of finances has become even more pertinent as the National Institute of Economic and Social Research warned of a squeeze on disposable income, rising unemployment and inflation over the next two years.
