Revealed: Millennials are not taking on board advice and failing to save for their retirement

Oliver Gill
Follow Oliver
2014 MTV Video Music Awards - Arrivals
Research indicated large numbers of millennials are worried about how they will survive when they get to retirement age (Source: Getty)

Almost half of the UK’s millennials have no pension provision whatsoever, research by YouGov has revealed.

With an ageing population, experts have urged youngsters to regularly put money aside for their retirement.

But 18-34 year-olds are not heeding the advice with 44 per cent saying they are not saving, compared with a fifth of 35-54 year-olds.

Read more: City needs to figure out millennial values

The lack of saving is not a result of apathy, six in 10 are concerned about whether they will have enough money to support themselves when they stop working.

“With a large ageing population eating into the government’s ability to provide a state pension, and many young people unwilling or unable to feed into pensions of their own, these figures again suggest a tricky retirement for many,” said Kate Fillery of YouGov.

Read more: Millennials cut back on gym memberships as Brits rein back leisure spending

For retirement to work, there must be balance between young people paying in and old people not being entirely reliant on the state.

However, many millennials either simply can’t afford to, while for those that can, financial pressures not necessarily faced by their parents mean that they have other priorities.

The research also revealed 27 per cent of under-35s said they don’t know understand enough about pensions in general and even millennials who have a pension aren't always clear about what it entails.

Related articles