Tuesday, February 3, 2015

Are young people saving for retirement?

With over half of young people today expecting to be worse of in retirement compared to their parents’ generation, the current generation of people in their twenties find themselves facing a crises. In New Zealand more than half of young Kiwi workers are already saving for their retirement, according to a survey by the ANZ.

The bank's latest Retirement Savings Barometer questioned 850 people in April and May and found 55 per cent of people aged 15 to 24 were already saving for their golden years.

Of those who were not saving for their retirement 82 per cent said they planned to save for it in the future.

John Body, managing director of ANZ Wealth ,said it was great to see so many young people planning for their retirement.

"We know retirement seems a long way off for young people, but clearly many young people have got the message that they should start saving early."

The Changing Face of Retirement: The Young, Pragmatic and  Penniless Generation sets forth some of the key challenges facing  young adults as they seek to balance their immediate financial pressures with the goal of planning for retirement. The survey was based on 10,800 employees in 12 countries worldwide, and included 2,722 employees between the ages of 20 and 29. The charts below are taken from the survey (found here). The results show that the younger generation are not that different from their parents and grandparents generation. 

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