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Rising living costs <\/strong> Millennial women are more realistic than their male colleagues about the challenges of matching the living standards of their retired grandparents in a world where the responsibility for pension provision continues to shift further away from employers and the Government and onto the individual. Just under one in three (32%) of the women surveyed were confident their retirement incomes would match that of older generations, compared with more than half of men (52%).<\/p>\n Making personal sacrifices <\/strong> Comfortable in retirement<\/strong> Source data:<\/strong> Pension saving high up on the list of workplace priorities Workers from the so-called \u2018millennial generation\u2019 are putting pension saving high up their list of workplace priorities. Nearly six in ten (57%) people in their first ten years of work considered the quality of their current employer\u2019s pension scheme before deciding whether to take the… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts\/2196"}],"collection":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/comments?post=2196"}],"version-history":[{"count":0,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts\/2196\/revisions"}],"wp:attachment":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/media?parent=2196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/categories?post=2196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/tags?post=2196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThe results found that a confident two in five (38%)[2] believe their retirement saving efforts are on track to help them match the living standards of today\u2019s pensioners when they give up work themselves. However, just over a third (34%) acknowledge rising living costs and accept that the amounts they are saving today simply won\u2019t be enough to support a comfortable retirement.<\/p>\n
\nMany younger workers are considering making personal sacrifices to help fund a comfortable retirement \u2013 31% say they will consider cutting back on spending for the next ten years to focus on their pension, and 30% are considering a move to a less expensive part of the country.
\nDespite all the good intentions around saving and planning for their retirement, more than half (54%) of the younger generation of workers admit they are envious of the retirement plans and finances of those who have already given up work or are about to do so.<\/p>\n
\nThe research also found that 30% of younger workers have yet to consider how much income they will need for a comfortable life in retirement, while one in three (33%) say they will consider moving abroad if it helps to secure a more comfortable life when they give up work.
\nThe facts are that given the current economic world is changing, the millennial generation will need to adapt their outlook in line with changes across the economic landscape, and many may be too over-optimistic about the age they can expect to retire if they don\u2019t make sufficient provision early enough.<\/p>\n
\n[1] Consumer Intelligence conducted an independent online survey for Prudential between 26 May and 5 June 2017 among 740 UK adults who started work within the last ten years \u2013 98% of whom were aged 18 to 34.
\n[2] Research conducted by CanvasseOpinion from Experian for Prudential between 28 September 2007 and 25 October 2007. More than 4,000 people were questioned, with 464 people out of that sample retiring in 2008. In subsequent years (2008 to 2016), Research Plus conducted independent research on behalf of Prudential each November among at least 10,000 non-retired adults in the UK, including at least 1,000 planning to retire in the following year. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"