Why don't young people save for their old age?

Pensions are increasingly becoming about the haves and the have-nots, and by association the young versus the old, but what should we believe when it comes to answering the question of who is to blame for this divide?

Research by the Institute of Fiscal Studies has caused the latest stir in the pensions world. It claimed that those born in the 1960s and 1970s and now aged mid-30s to 40s, would only better off than their parents in retirement if they inherited a substantial amount.