Younger generation saving nothing towards retirement

clock

As many as six out of ten young Brits, aged between 16 and 34, are not saving a single penny towards their retirement, new research indicates.

Research from Prudential finds 20 year-olds on average lifetime earnings may have to work to the age of 72, while 30 year-olds are also facing longer working lives, unless they increase the current inadequate level of pension savings. Using these figures Prudential provides an anticipated scenario facing a 30 year-old hoping to retire at 65, using future basic state pension, state second pension and future earnings growth. The pensions specialist finds an additional monthly saving of around £340 is needed to achieve a pension of two-thirds of their annual pre-retirement income. If they...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers turn to smoothed funds to help manage volatility threat

Advisers turn to smoothed funds to help manage volatility threat

Decreasing exposure to equities also a popular strategy

Isabel Baxter
clock 26 March 2024 • 1 min read
Examining the 60/40: Building diversified portfolios in 2023

Examining the 60/40: Building diversified portfolios in 2023

Advisers have a lot to consider when it comes to portfolio diversification

Charlotte Moore
clock 14 April 2023 • 6 min read
Schroder Investment Solutions expands distribution of MPS

Schroder Investment Solutions expands distribution of MPS

Expanding the range of DFM choice on the Parmenion platform

Ayesha Venkataraman
clock 06 December 2022 • 2 min read