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'Tiswas generation'By Sarah WomackMen and women under the age of 35 face the prospect of working until they are 76 because financial demands are threatening their plans for a comfortable retirement.
Live fast, die in povertyThey are called the Tiswas generation in a report today by Skipton Building Society. It says this age group may have been brought up on Tiswas - the Saturday morning children's television show that ran from 1974 to 1982 - which stood for "Today Is Saturday, Watch And Smile".But financial pressures mean Tiswas could now stand for "Thirty-Somethings Without Any Savings".Under-35s will need to start earning at least £320,000 a year if they are to retire at their desired age of 63 on their present average salary of £27,700. Failing that, they will have to spend their retirement on £271 a month - or work until they are 76.More than half of under-35s contribute nothing to a pension and a quarter of those who do contribute £50 or less.Some 58 per cent know they should save but say they simply cannot afford to do so, with two fifths admitting that they struggle financially.Almost half have less than £1,000 saved, while 22 per cent have no savings whatsoever.Jennifer Holloway, of Skipton Building Society, said: "Our figures show today's under-35s will either need to work much, much longer or earn much, much more to be able to retire when and how they want to. TISWAS...OOOOOOOOOOOOOOOOOAAKAAAAAAAAAYYYYYY.
