Penalised by pensions? Youngsters admit to being very envious of the retirement older generations are getting

Oliver Gill
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Most younger workers consider pension promises before agreeing to take a new job (Source: Getty)

Britain's youngsters are hugely jealous of the cushy retirement enjoyed by older generations, according to research released today.

More than half of millennials admitted to being envious of the retirement finances of those who have already given up work or are about to do so, insurance giant Prudential said.

Most younger workers (60 per cent) consider an employer’s pension offering before accepting a new job.

"Favouring one employer’s pension scheme over another and setting goals for their quality of life in retirement are only the first steps for younger pension savers," said Prudential retirement expert Kirsty Anderson.

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The research also found 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 per cent) of the women surveyed were confident their retirement incomes would match that of older generations, compared with more than half of men (52 per cent).

Anderson said:

Pension saving is for the long-term and the members of the millennial generation who are most likely to be best placed when they retire will be the ones who have saved as much as possible into a pension for as long as possible in their working lives.

Read more: Why you could be losing £300,000 from your pension without even knowing

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