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Millennials appear to be prioritising following the homeownership dream, potentially risking a lower income during retirement in exchange, according to recent research from Prudential.
Over a third (35%) of millennials claim to be prioritising saving for a deposit to purchase a house rather than their retirement. Almost a fifth (19%) say they don’t save more into their pensions due to saving to purchase a house, whilst 10% say student debts prevent them saving into a pension. Almost 1 in 10 admit frequently shifting jobs negatively affects their ability to make consistent pension contributions.
In order to achieve home ownership, millennials are willing to make sacrifices where available, with 10% opting to live with parents as opposed to renting. Interestingly, men are almost twice as likely (20%) to be prepared to live at home compared to women (11%).
Despite concerns including graduate debt and tight wages, almost a third (31%) still expect to purchase their first property by the age of 30, with men being more confident of this than women; although 20% of this number expect to receive financial aid from their parents.
The research also demonstrates that pensions may be feeling the strain as a trade-off, with around 21% admitting to having not even started saving for retirement, 15% claiming that saving for a pension does not motivate them and 12% believing pensions are completely irrelevant to millennials.
For accurate legal advice concerning retirement planning and pensions, contact our expert team today.
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