Prince Charles issues warning about pensions

LONDON (AP) — Prince Charles has warned pension fund managers to move beyond short-term thinking or risk creating a "miserable future" for coming generations.

In a pre-recorded speech delivered Wednesday night, he said the current system of investing pensions with an eye toward quarterly profits will not work for Britain's aging population.

The future king said the short-term focus is not adequate, given pension liabilities stretching out many decades.

He said investors should develop a sustainable financial system that would protect pensioners in the face of rising levels of debt and a fast-growing population.

The speech marked a rare foray into the world of high finance for Charles, who is prohibited from becoming directly involved in political matters.

He has in the past spoken out strongly about the environment and architecture.

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