DWP statistics show Gen Y is not saving enough for retirement

Gen Y struggle with pensions
Gen Y struggle with pensions

When do I start my pension pot? How much should I contribute? How do I go about saving for a pension? When do I get to access my pension? These are the questions being asked by Generation Y - young adults born in the 80s and 90s.

The latest statement from DWP’s Official Statistics on workplace pension participation and saving trends of eligible employees suggests that millions of people in the UK are not saving enough for retirement.

The default retirement age of 65 has been phased out, meaning that workers can no longer be discriminated against because of their age and can now work for as long as they feel able. If Generation Y are unable to retire due to insufficient pension funds and are working longer, it may have an adverse effect on the next generation of workers as they will be unable to progress up the ladder in their careers.