When i began work, any talk of paying into a pension was dismissed scoffingly and it wasn't until my late 30's and i was enrolled automatically into one with a change of employer that it even crossed my mind.
Now i am in my 50's and have a few small employee pension pots scattered around but as I am looking at a possible retirement in the next decade or so, i look at my Occupational Pension and State Pension together and think that really isn't going to stretch very far so fall back on winning the Lottery.
We have quite a few younger employees at work and i am hearing more and more how they have stopped paying into their retirement fund as they just can't afford it.
I get why, a pension wasn't a financial priority for me either at their age and details from the Department of Work and Pensions revealed that those aged between 22 and 29 opting out of their workplace pension scheme rose from 98,000 to 158,000 with rising day-to-day living costs the main reason.
To be honest the extra money i earned through not paying a pension in my 20's and 30's went on going out, cigarettes and travelling while todays youth need the extra to just keep their heads above water and that's the difference, i will be financially hit due to spending too much money on necking Bacardi Breezers and puffing on Benson and Hedges in European Capitals while today it is just to live.
I am not one to wag a finger and tell the youngsters they should be saving for a Pension, that would make a massive hypocrite because I never, but i will wag a finger and say don't forget you are young so if you have extra cash, bloody enjoy it while your body can still handle drinking your own weight in lager and eating chips on the beach at 2am because there will come a time when you will be going to bed at 10pm and trying to remember what day the bins go out today and the memory of paying your electric bill on time every month will not keep you as warm as that memory of that youthful Summer night in Paris when the Wine flowed a little too freely and you walked back to your hotel room with only one shoe and a telephone number scrawled on the back of your hand.