Millenials Might Not Have State Pension
For people under their 30s, it is a well-known fact that they may likely not enjoy the pensions the way their grandparents and parents had. Retirement age is moving up quickly for youngsters.
From 60, the state pension age is now at 68. Analysts predict that it could rise again in the coming years and soon it may not exist at all.
Many millenials are not too keen on the new flat-rate state pension. For those who understood the amount, they said that about £155.65 weekly in estimated retirement income is not enough to survive in the United Kingdom with all the healthcare they need.
Morten Nilson, chief executive of NOW:Pensions, said: “Younger generations are pessimistic about the future prospects for the state pension. But despite this many are taking a relaxed approach to their personal pension savings.
“ Auto enrolment will bring a much larger proportion of the younger generation into workplace pensions allowing many more to take control of their retirement saving, helping to protect themselves against an uncertain future.”
Millenials are advised to guarantee their personal pension and increase their pension savings.
Many analysts and blogs said the trend would shift from government dependence to external dependence on pensions, namely on studying markets and businesses to help prop up a better retirement fund.