economy
Saving for a pension: why gen Z aren't all banking on retirement
More than one in eight of all those born between 1997 and 2012 don’t believe retirement will even be an option
TL;DR
- 12% of Generation Z believe pensions are pointless as they don't view retirement as an option.
- A third of Gen Z feel the financial services industry fails to communicate retirement savings benefits.
- Immediate cost-of-living concerns are a primary reason for not saving for a pension.
- Young people struggle with unstable work and low income, making saving difficult.
- Experts warn that delaying pension contributions can significantly reduce potential retirement savings.
- Gen Z has less trust in financial institutions and believes current systems may not exist in the future.
- Many Gen Z individuals expect the state pension to be reduced or non-existent by their retirement.