Millennials contributing less towards retirement than in 2012

In the period between 2010 and 2012 just over a third (35%) of people aged 25 to 34 were contributing to a pension, which rose to over half (54%) by 2016, according to an analysis of Office for National Statistics (ONS) statistics by Equiniti. Yet, while the 19 percentage point increase was the largest of any other age group, the overall savings built up by workers aged 25 to 34 fell from £12.8bn to £12.2bn - the only age group to see a drop in total pension wealth. In contrast, the 16 to 25 age group, ‘Generation Z', saw their pension wealth nearly double from around £0.6bn to £1.1bn...