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Millennials need to rise to the challenge of saving for retirement if they are to achieve their dream of stopping work at the same age as their parents.

A new study from HSBC found that most British millennials (born 1980-1997) have an optimistic view of their retirement prospects, expecting to be able to take it easy at 65.

This is despite millennials being seen as having the worst retirement prospects of any generation.

Against a backdrop of economic volatility, ageing populations and pressure on welfare budgets, only 6% of millennials think their generation is in the best position to have a comfortable retirement.

No state pension?

Forty-one percent of millennials also believe that state pensions will no longer exist when they come to retire, compared to 28% of all working age people.

Conversely, 43% of people overall say that millennials don't know how good they have it, enjoying a better quality of life than any previous generation.

Fifty-three percent also believe millennials will have more flexibility in retirement, with more options to semi-retire and continue to do some work to support themselves.

With all that in mind, six in 10 millennials have started saving, at an average age of 25.

Millennials are also more savings-conscious than previous generations. Nearly 70% are prepared to cut back on their present expenses in order to save for retirement.

Six out of 10 millennials see saving as a difficult but necessary task.

 Michelle Andrews, of HSBC, said about the retirement plans of millennials: “Time is money when it comes to retirement saving, but starting small can make all the difference."

Personal financial planning

Knowing how the land lies comes with experience. 

If you are planning your financial future, Aberdein Considine can offer you the support of some of Scotland's most talented and respected independent financial advisers.

Whether you want to buy a property, secure an income for retirement, pay for your children's education, provide for dependents or pass your estate to your family, we can provide you with a high-quality service which is tailored to your lifestyle.

Click here to learn more.