Today's young people tend to keep their disposable assets in cash, with the majority failing to make more secure investments, it has been claimed.
Anna Sofat, director of AJS Wealth Management, has said that many young people do not look ahead when considering their future.
Ms Sofat said that young people can avoid traditional investments for two reasons: "One is that if they are earning money, they've got enough not to worry about it. The second thing is that retirement is a long way off."
According to figures from the Office for National Statistics, seven in ten British adults have some form of savings or investment such as a
life insurance policy, with deposit accounts proving most popular.
Over 50 per cent of the population have such an account, with 19 per cent holding a
life insurance policy.
Ms Sofat added that for some people, financial planning is part of their lifestyle, while others tend to invest on a more ad-hoc basis.
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