23 Jun 2017

Want to retire at the same age as your parents? Get saving...

Want to retire at the same age as your parents? Get saving...

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.

Please correct the errors below before submitting your request:

Get in touch

Our dedicated client contact team prefer to receive enquiries through our contact form. We'll endeavour to get back to you within 24 hours or during the course of the next working day.

Tick this box if you wish to receive news and offers from Aberdein Considine. By doing, you indicate your consent to receiving targeted email marketing messages from us. On each occasion that we contact you in the future, you will be given the option to opt-out from receiving such messages. You may also email marketing@acandco.com at any time to opt-out.

The personal information that you provide to us in this form will only ever be used by Aberdein Considine (as the Data Controller) for the following specifically defined purposes:

  • email you content that you have requested from us
  • with your consent, occasionally email you with targeted information regarding our service offerings
  • continually honour any opt-out request you submit in the future
  • comply with any of our legal and/or regulatory obligations