Generation Z no longer believes it will ever retire

An increasing number of Generation Z members no longer believe they will ever retire. Many expect to work throughout their lives, as traditional milestones such as buying a home, having children and retirement appear increasingly unattainable.

The People’s Pension study found that a large share of people aged 18 to 27 do not think about retirement at all. It said 2.2 million young people have already abandoned retirement saving because they believe they will need to work almost until death.

The article links that outlook to sharply higher living costs, wages that have failed to rise, frequent layoffs and geopolitical instability that fuels inflation. It also points to a growing gap between young people and financial-services companies. Young people say providers focus more on selling products than on education and awareness, while technical language makes pensions seem irrelevant and dull.

The People’s Pension argues that clearer guidance and relatable stories could help. Its campaign aims to encourage discussion of retirement and pensions with the help of influencers, celebrities and special events. The organization also says retirement saving does not depend solely on individuals. Employer contributions and tax relief can have a substantial effect, while workers should check their pension provider and consider raising contributions after receiving a pay increase.