LONDON, Aug. 27 (UPI) -- Two in five U.K. baby boomers say they have no retirement savings besides their home, and three out of 10 say enjoying their money is a bigger priority.
"The 'carpe diem' complex means that many of those in their 40s and 50s are reluctant to fast forward to their financial future, clearly preferring to make the most of any spare money now," Gordon Phillips, the head of retail at asset manager Insight Investment, who conducted the study, told the Daily Telegraph.
"Some may be hoping that their property or the state pension will bail them out in old age, but many may not realize that making even small regular investments from their monthly pay packet can mean they are not left in the financial slow lane."
Previous studies have shown British workers will have to postpone retirement because they cannot afford it, and many British workers spend more time planning vacations than planning for retirement, the Telegraph said Saturday.
