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Younger generations are taking a \u201cmore flexible approach\u201d towards saving for retirement, amid concerns that traditional savings routes won\u2019t be enough to rely on.<\/p>\n
The majority of younger generations see both pensions and property<\/a> playing \u201ckey parts in their financial future\u201d, according to the latest Standard Life retirement voice research, surveying 6,000 people.<\/p>\n Over 50 per cent of millennials and 62 per cent of Gen Z plan on using both assets, a stark contrast to older generations, with only roughly half the amount of Gen X and baby boomers also intending to rely on both.<\/p>\n Mike Ambery, retirement savings director at Standard Life, said: \u201cYounger generations seem to be taking a more flexible approach to retirement, seeing both pensions and property as key parts of their financial future.\u201d<\/p>\n \u201cIt\u2019s smart to build a well-rounded plan, with as many bases covered as possible.\u201d<\/p>\n Older generations reaping the benefits<\/p>\n Unlike young people, the majority of the older generations opted for a singular asset, fuelled by expectations of substantial returns throughout their working life.<\/p>\n Baby boomers are most likely to rely on their pensions, with 40 per cent depending solely on them, influenced by their \u201cgold-plated\u201d defined benefit pensions guaranteeing them an inflation-linked income throughout retirement.<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tLabour revives Pensions Commission amid fears workers are saving too little<\/a><\/p>\n Gen X, on the other hand, entered the workforce too late to rely on defined benefit schemes and too early for the auto-enrolment introduction in 2012, but managed to take advantage of an accessible housing market in the 1990s, which offered more affordable prices than today and a subsequent property boom.<\/p>\n Pensions still highly favoured <\/p>\n While the majority of young people see both assets funding their retirement, pensions remain \u201ca crucial part\u201d <\/a>in paying for life after work, through a combination of tax perks and employer contributions.<\/p>\n A quarter of millennials and a third of Gen Z expect pensions to be their main retirement asset, with far fewer believing property will be enough to get them through the later years.<\/p>\n Just 15 per cent of millennials and 4 per cent of Gen Z plan to support themselves solely off property, despite the security it has traditionally offered, as more young people struggle to get a foot on the housing ladder.<\/p>\n