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New research has found that British millennials have grand plans in place for their retirement, but many are not saving enough to be able to make these plans a reality.
According to Barclays, which conducted the research, millennials believe savings of over £300K will enable them to retire in comfort, with many aspiring to travel the world, own a second home and eat out multiple times a week.
However, if they want to make these future goals a reality, they need to super-charge their saving says Barclays, as the typical millennial currently puts aside £200 a month or less, with a fifth saving nothing at all. Based on these saving habits, it would take them 125 years to reach their retirement fund target, long after turning 56, when the average millennial plans to retire. If they are to accomplish this goal, then they need to start saving more regularly and from today.
“It’s great that millennials have given themselves a target, as it shows they are thinking about their long-term futures,” commented Clare Francis, Savings and Investments Director at Barclays. “We know it’s often tempting to put off saving for retirement – it can feel like an age away and not a priority when you’re in your twenties and already under pressure to make ends meet. But the sooner you can start putting money away, the better.”
An additional study by Barclays found that 60% of retirees questioned admitted that they did not save enough earlier in life and are now struggling to make ends meet. Based on a reluctance to make cut backs and instead focus on short term desires, the research shows that millennials are also set to struggle financially in later life.
To speak to a member of our expert team about your pension, contact us today. We aim to ensure that you are satisfied with everything we discuss with you, and the decisions you make. All of our team members are expert Financial Advisers and can get you the help and peace of mind you need.
