Bleak retirement outlook for Millennials

1 in 10 global workers think Millennials (those born between 1980 and 1997) are in the best position for a comfortable retirement.

HSBC polled more than 18,000 people from 16 countries and found 59% of Millennials believe they will live much longer and will therefore require better support for retirement.

Millennials planning to retire expect to do so at 59, compared to 61 for Generation X and 64 for Baby Boomers.

68% have started saving for retirement, at an average age of 26. However, 32% have yet to start on their retirement compared to Generation X (25%) and Baby Boomers (21%).

Further findings:

  • 65% are prepared to cut back on expenses to save more, compared to Generation X (59%) and Baby Boomers (54%)
  • 61% are actively seeking guidance on financial decisions, compared to Generation X (56%) and Baby Boomers (50%)
  • 39% are willing to make risky investments to ensure their financial stability, compared to Generation X (33%) and Baby Boomers (22%).

Charlie Nunn, group head of wealth management at HSBC, said:

“While Millennials are broadly aware of the economic and demographic challenges they face, they do not appear to have grasped the full implications for their retirement.

“With low interest rates, rising healthcare costs and potentially less state support for retired people in the future, it has never been more important to save for a comfortable retirement.

“Starting to save early, and saving enough, can reduce the need to have to continue working in later life.”

Contact us today to discuss retirement planning.

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