According to the OECD (Organisation for Economic Co-operation and Development), high levels of youth unemployment will lead to widespread poverty in old age as young people struggle to save for retirement.
A new breed of private pension schemes, which are built on monthly contributions, will be undermined if younger workers stay unemployed for long periods, said the Paris-based thinktank.
As it warned that babies born today will live until 100 years of age on average and retire at 70, the OECD said the weakness of the British state-funded system meant workers in the UK were among the most vulnerable. Read more
