View more on these topics

Millennials save more of income for retirement than Gen X

boardroom meetingMillennials are putting aside a bigger part of their income for retirement than the next oldest generation, according to a poll by deVere Group.

More than 660 of deVere Group’s new clients across UK, Europe, Africa, Asia and the US last year participated in the survey.  The poll found millenials (24 to 38 years old) who started seeking financial advice from deVere last year saved on average 19 per cent of their income for their retirement.

Those in Generation X (39 to 53-year-olds) put aside 16 per cent on average of their income for retirement. Of all the generations, Baby Boomers (54 to 74 years old) put the most income aside- 35 per cent.

deVere Group founder and chief executive Nigel Green comments: “The results of the saving survey are both encouraging and alarming.

“It is encouraging that millennials – often falsely stereotyped for their sense of entitlement and for being content to pay for overpriced coffees and smashed avocado on toast – seem to be better at saving and more fiscally responsible than many would have thought.

“Despite their reputation for purely living for today, the poll shows that they are saving for their retirement pretty impressively.  Putting aside nearly a fifth of their income already is highly commendable, especially when many can be expected not to be yet at the peak of their earning power.

“What is alarming, however, is that Gen X… workers are not saving nearly enough in order to be able to have a comparable lifestyle in retirement.  And by the virtue of being older, they have less time to build wealth before leaving work.

Green cites increasing life expectancy, a looming health and social care crisis and growing deficits in company pension schemes as reasons to be concerned with the low levels of pension saving.

The chief executive goes on to say: “We need to revitalise the savings culture of Gen X especially. Otherwise many of today’s working population are going to reach retirement and find they have to downgrade their lifestyle and/or continue working longer than they had expected and hoped, due to a lack of savings.”



Adviser trade body reshuffles board members

Adviser and wealth manager trade body Pimfa has reshuffled its top team as three board members come to the end of their terms. The departing board members are Rathbones head of client service and proposition David Howard, ex-Schroders global head of wealth management Andrew Ross, and former executive chairman of Scottish wealth manager Speirs & […]

Rules on mandatory ESG integration proposed for advice

The European Commission has published draft rules on how to incorporate environmental, social and governance preferences into investment advice. The proposed regulations seeks to make integration of clients’ ESG preferences mandatory for those providing investment advice. The European Commission first revealed its intention to make it mandatory to inquire about the clients ESG preferences in March […]


Accounts manager admits hiding pension failures

An accounts manager lied to investigators to try to hide the fact that restaurants had not given their staff workplace pensions, the Pensions Regulator says. Bradford-based Mansoor Nasir submitted false declarations of workplace pension compliance to TPR to claim that nine restaurants were giving their employees the correct benefits. When TPR investigated it found that […]


Annual allowance breaches double with taper introduction

The number of people reporting annual allowance breaches more than doubled in the 2016/17 financial year when the tapered annual allowance was introduced. A Freedom of Information Act Request from Curtis Banks to HM Revenue and Customs sheds light on how the annual allowance is affecting savers. The document given to Money Marketing breaks down […]

Lessons to be learnt

DFM masterclass: markets, strategy and asset allocation

Watch Nick Georgiadis, Head of DFM, discuss asset allocation and investment strategy on Asset TV’s DFM masterclass. In this masterclass on discretionary fund management, a panel of industry experts discuss their views on the current market, inflation figures, investment strategies, asset allocation and what they will be focusing on when managing portfolios over the next […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm