More than six out of 10 (61%) expected to enjoy the same or better standard of living as their parents.
However, only 11% know that they are receiving maximum employer contributions to their workplace pension and many with old workplace pensions do not know how much is in them.
Only 11% are contributing to a personal pension.
Research for personal finance app Moneybox - published to coincide with Pension Awareness Life this week - found that 87% were concerned about saving for their retirement and 37% "extremely so."
Of the 2,000 young adults surveyed 52% had already considered the annual income they would like to have when they retire, including 18% who said they had given it a “lot of thought.”
The most common motivations for considering their retirement income were:
- Concern about their standard of living post-retirement (42%)
- Wanting to be able to retire comfortably as soon as possible (40%)
- Growing concern about not being able to retire when they hope to (38%)
- The Covid pandemic making them more conscious of the need to plan for the future (33%)
While 75% of young adults surveyed said that they have already taken some steps to save and invest for their futures, only 41% said they were currently contributing to a workplace pension and only 11% to a personal pension.
Among those who have not given any thought to their target income in retirement (42%), 44% said this was because it “feels impossible” to know how much they will need, almost a third (31%) were too scared and overwhelmed to think about it and 19% admitted that it had simply never occurred to them to do so.
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