Young adults for whom struggling for cash is a way of life can achieve the ‘rich years’ enjoyed by many older people, a finance chief says.

Ian Cornelius, Skipton Building Society commercial director, said: “There is light at the end of the tunnel for many people who feel saving and planning for a brighter future is not achievable for them. Opting into a workplace pension can be the first real step along this path and it is evident that saving even a small amount on a regular basis is one of the best courses of action for young people who are presently struggling with money.”

His comments followed an SBS survey of 2,000 people’s outgoings and expenditure, which found that many of those aged 55 and over are enjoying the richest years of their lives, while those between 18 and 24 are suffering their poorest years.

It showed that people heading towards retirement are most likely to have paid off their mortgage, own their car outright and have very few debts.

While earnings are lower for many people in their late 50s and 60s, the lack of loans and childcare costs means they are able to enjoy more holidays and have more disposable income.

In contrast, the study found that people aged 18 to 24 are suffering as many struggle to find work and those who are working are earning the least. Young adults are also struggling to get on the property ladder and have to watch every penny towards the end of the month.

Mr Cornelius said: “There is no reason why those younger people who keep on top of their mortgage payments, save whatever they can and get that company pension started will not reach their richest year eventually. People aged 18 to 24 may look at their parents and assume that their retirement years will be as glowing – it’s up to them to make sure this will be the case.”