According to some stockbroking firm's research, young people "don't understand" how much money they're going to need for their retirement.
Is that right? Or is it rather MORE likely that the average 20-30 something in London is so used to being up to their eyeballs in debt, living on their overdraft and wondering when - if ever - they'll be able to afford a studio apartment in Barking that the archaic notion of "retiring" at all seems entirely unlikely to ever happen to them?
"Young people underestimate the amount of money they will need for a comfortable retirement by almost a quarter of a million pounds, research shows.
Nearly half of people in their 20s and 30s (45 percent) have no idea how much they should be saving for their retirement, according to research by execution-only stockbroker Selftrade.
They estimate they will need a lump sum of 262,456 pounds to see them through retirement -- a far cry from the 500,000 pounds needed to receive an annual pension of 25,000 pounds, the average annual income among British workers."