Almost a quarter of millennials believe they will never be able to afford to give up working, with a fifth believing that the state pension will no longer be on offer when they reach retirement age, it has been found.
The downbeat findings have been made in a survey of 2,000 18-35-year olds conducted by Printerland.co.uk, which also discovered that another quarter of millennials are worried that they will have to continue working in some capacity after they retire.
A third of respondents told the company that they were still living with their parents and 15 per cent of them do not see themselves ever being able to afford their own home. This is partly to do with the fact that millennials’ ability to save for a home has been significantly cut by their pension contributions, with the average 18-35-year-old saving £252 each month, with half of that amount going into a pension. 18 per cent of millennials, however, say that they are unable to save any money outside of their pension contributions.
The survey has unearthed a great deal of uncertainty around pension savings, with nearly half (45 per cent) of respondents not knowing how much money they will have saved in their pension when they retire. Almost a quarter don’t understand how their pension works and when asked to estimate, the average millennial expected their final pension pot to be £226,803.
Catherine Bannan, HR manager at Printerland.co.uk, said: “While millennials are aware of pensions, and understand they should be investing in them, some important details are still misunderstood.
“Researching and becoming educated in these details may be the next step for this generation.”
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