Young people should get in to the habit of saving money on a regular basis, one expert has said.
Anne Young, savings expert at Scottish Widows, explained that even by putting a small amount of money away each month, people could build up a sizeable nest egg.
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Young said: "I'm a big fan of putting money away regularly. I love direct debit – it whisks it out of your bank account before you've even realised it's there in the first place."
She added that people should resist the temptation to dip into their savings as this will help them build up a more substantial sum of money.
Research by Scottish Widows has found that 42 per cent of children have used money given to them by their parents to pay off debts.
It also found that 49 per cent of parents think it will be more difficult for their children to save for a pension than it was for their generation.
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Date: 2nd, April, 2008
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