Request a call back

Callback Form

For more information or advice, please fill in your details below and we will contact you shortly.

Sending
×

Millennial outlook

Suited millennial sat in chair with laptop
Pension saving high up on the list of workplace priorities

Workers from the so-called ‘millennial generation’ are putting pension saving high up their list of workplace priorities. Nearly six in ten (57%) people in their first ten years of work considered the quality of their current employer’s pension scheme before deciding whether to take the job, and they will also assess any potential new employer’s pension scheme before moving jobs in the future, according to research from Prudential[1].

Rising living costs

The results found that a confident two in five (38%)[2] believe their retirement saving efforts are on track to help them match the living standards of today’s pensioners when they give up work themselves. However, just over a third (34%) acknowledge rising living costs and accept that the amounts they are saving today simply won’t be enough to support a comfortable retirement.

Millennial women are more realistic than their male colleagues about the challenges of matching the living standards of their retired grandparents in a world where the responsibility for pension provision continues to shift further away from employers and the Government and onto the individual. Just under one in three (32%) of the women surveyed were confident their retirement incomes would match that of older generations, compared with more than half of men (52%).

Making personal sacrifices

Many younger workers are considering making personal sacrifices to help fund a comfortable retirement – 31% say they will consider cutting back on spending for the next ten years to focus on their pension, and 30% are considering a move to a less expensive part of the country.

Despite all the good intentions around saving and planning for their retirement, more than half (54%) of the younger generation of workers admit they are envious of the retirement plans and finances of those who have already given up work or are about to do so.

Comfortable in retirement

The research also found that 30% of younger workers have yet to consider how much income they will need for a comfortable life in retirement, while one in three (33%) say they will consider moving abroad if it helps to secure a more comfortable life when they give up work.

The facts are that given the current economic world is changing, the millennial generation will need to adapt their outlook in line with changes across the economic landscape, and many may be too over-optimistic about the age they can expect to retire if they don’t make sufficient provision early enough.

Helping you navigate the process?

Your money needs time to accumulate. Plan today for the goals you have in mind, and you are more likely to be able to use your wealth as you wish in the future.
Whether you’re planning for retirement or looking to grow your wealth, we’ll help you navigate the process. Please contact Reeves Financial on 01403 333145 or email areeves@reevesfinancial.co.uk.

Source data:

[1] Consumer Intelligence conducted an independent online survey for Prudential between 26 May and 5 June 2017 among 740 UK adults who started work within the last ten years – 98% of whom were aged 18 to 34.

[2] Research conducted by CanvasseOpinion from Experian for Prudential between 28 September 2007 and 25 October 2007. More than 4,000 people were questioned, with 464 people out of that sample retiring in 2008. In subsequent years (2008 to 2016), Research Plus conducted independent research on behalf of Prudential each November among at least 10,000 non-retired adults in the UK, including at least 1,000 planning to retire in the following year.

This is for your general information and use only and is not intended to address your particular requirements. The content should not be relied upon in its entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. For Reeves Financial, published by Goldmine Media Limited, Basepoint Innovation Centre, 110 Butterfield, Great Marlings, Luton, Bedfordshire LU2 8DL Content copyright protected by Goldmine Media Limited 2017. Unauthorised duplication or distribution is strictly forbidden.

Adam Reeves

Author: Adam Reeves

DipPFS Cert CII (MP&ER)
Independent Financial Planner, Wealth Manager, Director

Last updated on

Read our reviews

Vouched For
×

Adam was quick to assess & understand my situation, and was able to discuss & communicate in a very concise and simple way the various options available to me, taking time for me to understand and clarify where necessary. My understanding & knowledge of taxation & pensions has increased significantly allowing me to feel much happier making financial decisions for the future.

Rob – West Sussex

Adam and his team undertook in-depth research into our existing QROPS schemes and clearly set out both pros and cons of transferring the funds back to the UK. Having decided to go ahead with the transfer, Adam and his team worked extremely hard to facilitate the transfer. The QROPS pension trustees were not always the most professional or responsive organisation – however we were very grateful for the perseverance and commitment that Adam showed us as clients.

Jonathan – East Sussex

Adam offered a range of financial products , the one he suggested was affordable and proved to be a good choice.  Returns on investments have exceeded my expectations, based on Adam’s advice and guidance. Profits have enabled house improvements to take place.

David - Surrey

Adam arranged an appointment very timely, he explained his role and qualifications as an IFA giving me reassurance , we went through my retirement and investment goals. Adam discussed my options explaining in great detail, I felt relaxed during our discussions allowing me to fully understand my choices. I feel very confident in the financial advice allowing me to enjoy my retirement.

I was very happy with Adam’s recommendations and explanations of financial products which would suit my retirement goals, I feel this has helped me review and reduce my financial risk as I reach retirement, leaving me feeling confident that I can enjoy my retirement plans.

Ron – West Sussex

After initial meeting Adam put together a very detailed and thorough written plan. At our second meeting he went through the whole booklet and explained everything in layman’s terms which made it a lot easier to understand.

I am very happy with everything that was suggested and put in place especially with something as big and important as pensions. Adam and his team have taken a huge weight off my shoulders and I would highly recommend their services to anyone needing help with their financial planning and pension.  Adam couldn’t have been more helpful, and even came outside his normal area to meet me on a number of occasions.

Richard - Kent

Unfortunately I had to claim on my critical illness insurance due to my wife being ill and because of the sound advice Adam gave in acquiring this insurance we ended up being financially safe through a tough time.

Steve - Kent

Adam did a review of our financial situation, confirmed that Flexible Drawdown best suited our needs as a family, and then did all the research into the best product for us. He will continue to monitor it for me. He acted extremely promptly because we had a deadline for requiring the lump sum; went out of his way arranging meetings during non-office hours, was professional yet friendly and explained a difficult subject very well.

Clare – East Sussex

Adam did a thorough review of my pension policies, clearly explained how well they had performed, how flexible they were, how the market regulation has changed, and, crucially, what the tax implications would be if I were to leave them untouched. He accurately assessed my attitude to risk and recommended an up-to-date solution that will offer me the greatest flexibility at retirement.

Greg – East Sussex
Read all our reviews here
×
Indices
Value Move   %     
FTSE 100
8,269.68-11.54 stock arrow-0.14 stock arrow
FTSE All Share
4,515.66-5.88 stock arrow-0.13 stock arrow
Currencies
Value Move   %     

Market Data

Data is compiled by Adviser Portals Ltd every 60 minutes. Information is not realtime. Last updated: 29/11/2024 at 04:00 PM
×