What do under 45s see themselves doing in retirement?

On October 10th we have launched our new pension report.

One stat caught my eye and made me pause. The under 45s are now more likely to say that they will use a private or workplace pension to fund their retirement than they are to cite the State Pension. Give that private pension adoption with this cohort remains low, we can see the impact that auto enrolment has had, boosting the role of a workplace pension.

As well as a growing scepticism about the ability of the state to provide, we can also see that this generation has grown up with the narrative of prohibitive childcare costs etched onto their brains. 33% of this younger group think they will spend their time caring for grandchildren in their retirement. It supports the broader narrative that retirement is not just about play and rest. There is a harder grind to the anticipated retirement of accumulators today. It’s about part-time work. Caring.