Under 35s fail to save for retirement

Nearly all workers under the age of 35 do not save for retirement as a third focus on saving up for a deposit for a home instead

Young people are failing to save for their retirement, according to research by Nationwide, with 95% admitting they are not putting money aside.

While a third are busy saving for a deposit for their first home, 31% of young workers are putting money aside in case they lose their job.

Nationwide found that as well as many saving incase of a change in job circumstances a further 16% save with the aim of paying off their debts.

Young people are using any spare cash to save for more immediate concerns however Nationwide urges adopting a savings habit as early as possible.

Nationwide's head of savings Richard Marriott said, "Encouraging young people to adopt a savings habit early on is vital. Just putting aside a small amount on a regular basis can make a huge difference."

"We are encouraging people to start saving when they are young through a competitive range of savings account options."