Heading for a poverty-stricken future, the 'Tiswas generation' of thirtysomethings

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The "Tiswas" generation - "thirtysomethings without any savings" - can't even manage to pay into a pension.

As a result, many under-35s are facing the prospect of working well into their mid-70s if they want to retire comfortably.

Tiswas is also a reference to the anarchic 1970s Saturday morning TV show of the same name which was a favourite when they were children.

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Halcyon days: Tiswas, the anarchic TV show from the Seventies which was a favourite with those very thirtysomethings whose crippling debt will soon make them wish they had never grown up

Those faraway times will remain the best days of their lives unless they radically overhaul their approach to money, a study has found.

Many face working until an average age of 76 before they can afford to retire - or retiring at an earlier age with no money to enjoy themselves.

The study, carried out for the Skipton Building Society, interviewed more than 1,200 adults aged 18 to 35.

More than half are not putting any money into a pension, one of the biggest drawbacks of their carefree approach to savings.

Of those who are saving into a pension, a quarter are putting aside just £50 or less, far below the amount recommended by financial advisers.

One of the reasons they are not saving is that they are heavily in debt.

About 75 per cent are in the red, with the average amount owed more than £9,000. One in ten owe more than £20,000.

One in five do not have a single penny in a savings account or any other investments.

If they do have savings, they are meagre. About half of those surveyed have less than £1,000 saved, which would not even cover one month's spending if they lost their job.

With no money to spare, they delay paying bills, making credit card repayments and even sometimes have to miss rent or mortgage repayments.

Jennifer Holloway, from the Skipton, said: "It is definitely time for a wake-up call. Today's under-35s will either need to work much, much, longer or earn much, much, more to be able to retire when and how they want to."