Fragmented generation is living in the past and failing to plan for their financial future, survey reveals

News - Living

Written by Ray Clancy

Thursday, 04 February 2010 10:30

A fragmented generation of 28 to 40 year olds are more concerned with nostalgia than investing for their financial future and many expect fate to sort things out, it is claimed.

Few are worried about growing up and getting older and only around half, some 53% are saving for their future, according to research from Standard Life published today (Thursday February 4).

Just under one in three, 29%, expect fate to secure their financial future and 69% plan 15 years or less ahead for their finances. The main problem is one of attitude, researchers found with 28 to 40 forty year olds likely to be so fascinated by the past that they fail to plan for the future they expect, the Re-Run Generation report also shows.

Some 82% said they like or love the retro brands from their youth that are making a comeback, with 59% thinking their generation is particularly fascinated with things from their youth.

They are not unrealistic about their future but they simply have no urgent need to plan ahead despite 62% expecting to live until their 70s and 80s. Also 84% said they either knew they could not rely on the state to support them in retirement or said they would like to, but knew they had to make their own plans. One in three, 29% instead thinks fate will play a part in securing their financial future.

According to Mark Polson, Head of Customer Management at Standard Life, Re-Runners are ‘one of the most diverse and fragmented of all generations’ who have grown up in a culture that was all about staying in the past. ‘This is a generation which is opting out, hoping for the best and rationalising on their feet. These are smart, educated, savvy people who know they are not doing what they should to secure their financial futures. They need a reality check to secure the future they hope for themselves,’ he added.

Brand expert Robert Opie said he found the research worrying. ‘During the last decade, the influence of retro fashion, music and food brands has increased our awareness of nostalgia. This research shows that for those in the 28 to 40 age group, the impact has become worrying. They feel they are not grown up and tend to cling to the familiarity of their formative years,’ he explained.

‘This feeling has been intensified by current financial uncertainty and has resulted in a generation who are more likely to look back or live for the moment,’ he added.