Millennials seen to have “worst retirement prospects” – survey

Just 10% expect to work after 65, despite rising retirement ages around the world

Millennials seen to have “worst retirement prospects” – survey
Millennials are starting to make their presence felt in the workforce, but research shows that they have an unrealistic view of their retirement prospects. The generation expects to retire at 59, two years younger than the working age average of 61, according to a recent survey by HSBC.

Just 10% of millennials expect to continue working after 65 – even as their generation faces unprecedented financial pressures and state retirement ages continue to rise around the world, said HSBC. Results come from a survey of over 18,000 people conducted across 16 countries.

Respondents believe that millennials have the “worst retirement prospects of any generation.” Just 10% said the generation is in the best position to have a comfortable retirement, compared to 42% who said

Baby Boomers are best placed.
“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,” said Charlie Nunn, HSBC group head of Wealth Management.

Nonetheless, 60% percent of respondents believe millennials have more flexibility in retirement, with more options to semi-retire and continue to do some work to support themselves.

For millennials themselves, 68% have started saving for retirement, at an average age of 26. The rate is higher than those of Generation X (59%) and Baby Boomers (54%). “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,” said Nunn.

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