The Millennial Mosaic
At Cotswold Independent Financial Services our service range includes mortgages, wills, pensions and protection and therefore we work with people at all stages of their lives.
We were interested to read a report commissioned by Royal London entitled Pensions Through the Ages: The Millennial Mosaic, Royal London. The report was based on research “among 1,500 millennials (aged 25 - 34) to understand the key influences on millennials' future long-term pension savings.
The research identifies some of the lifestyles, life stages and issues millennials face and the impact of government pension policy on their engagement with pension planning." The report categorises the millennial generation's mix of lifestyles and life stages and has created 6 categories: measured homeowners, just about managing, restless renters, no other option and sacrifice to save.
"The report shows only 8% of millennials ranked pension savings in their top two saving priorities". Download the report here
We understand why pensions savings are low priority for Millennials with the increase in state pension age, the challenges in getting on the property ladder and being at a point in your career where your outgoings are closer than you’d like to your incomings. It is still something in our conversations we discuss as a long term saving strategy and revisit.