Though this may well be the case in some respects, when it comes to money matters, the current economic troubles are causing more mature Brits to become as feckless with their personal finances as those youngsters whose 'buy now pay later' attitude they used to persistently bemoan.

It is hardly surprising that, with utilities rates, mortgage fees and the cost of living in general continuing to rise, many households are simply adopting an expedient approach to economics, prioritising short-term commitments such as the next gas bill or car loan repayment over longer-term considerations.

However, while such an attitude may be understandable, it is nevertheless dangerous, particularly when it is taken into account that the cost of finishing work is also rising at a phenomenal rate, while the price of requiring assistance in old age now makes even the heftiest credit card bill seem a snip.

Research carried out recently by Saga found that the average cost of a four-year stay in a care home is set to increase to £223,476 by the end of the year, more than the price of a typical home and far beyond the amounts available through personal loans, whether secured against assets or not.

What's more, it is estimated that some 17 per cent of Brits will need long-term care when they reach the age of 85, a landmark which, far from being exceptional, is now becoming the norm across Western Europe.

Worryingly, despite such considerations representing the biggest financial burden most people will face in their lifetimes, a significant majority still neglect to address it, either as a result of being preoccupied with immediate financial commitments or even due to a reluctance to look so far into the future.

Gordon Lishman, director general of Age Concern, noted: "Government figures show that around seven million people are not saving enough for retirement.

"Public confidence in pensions has been rocked by high profile pension schemes going bust in recent years and this, along with competing financial pressures, can lead to people de-prioritising saving for retirement."

Though the outlook may well seem bleak for those approaching middle-age, or those even younger, the light at the end of the tunnel is that guarantees for private pensions schemes have improved markedly over recent years, with the government keen to ensure that those people responsible enough to put money aside for their retirement are not punished by market fluctuations.

As such, far from putting the finances of the distant future at the bottom of a household's list of priorities, pensions should be up there with credit card bills, personal loans and mortgages in order of importance.

For, though the matter may seem unlikely now, having to go into care without the necessary economic means of support could spell bad news, and not just for individuals, but also for their offspring who are left to pick up the tab.