Personal Finance

Young people urged to save more

Britons have been urged to increase their savings after new figures released by the Department for Work and Pensions showed a massive rise in life expectancies.

The call came from pensions minister Steve Webb, with the research showing that the possibility of living to 100 years is three times higher among people aged 20, compared with their grandparents.

The figures, which are based on Office for National Statistics estimates, also showed a two-time greater likelihood of 20-year-olds reaching 100 compared with their parents.

A 2011-born baby has a near eight-time higher possibility of living to 100 than one born eight decades ago.

The number of centenarians will reach a minimum of half a million by 2066, according to the statistics.

Mr Webb said the figures highlight the need to save more towards retirement.

He added: "We simply can't look to our grandparents' experience of retirement as a model for our own.

"We will live longer and we will have to save more."

Sam Jackson

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