Pension Panic: 73% of Gen Zs Concerned for their Retirement

Pension Panic: 73% of Gen Zs Concerned for their Retirement
7th February 2024 Samantha Anderson

Pension Panic: 73% of Gen Zs Concerned for their Retirement

Gen Z employees are the most concerned about their retirement of any generation in the workforce, according to a national survey of 2,000 working adults by Resource Solutions, leading provider of workforce and advisory solutions.

Despite being furthest away from retirement age, as many as 72% of Gen Zs said they were worried they may not be able to stop working at the State Pension age due to financial hardship – followed closely by Millennials (70%).

Sharing these fears are Boomers (born 1946-1964), of which nearly half (44%) said they worried about having to continue working past retirement age in order to sustain themselves or any dependents financially.

The study also revealed that Boomers are the most likely to factor in a company’s pension contribution level when looking at job opportunities, with 41% claiming this to be very important in their decision-making process – compared to only 1 in 5 Gen Zs (19%).

Kristen Buckheit, Managing Director EMEA at Resource Solutions, said: “Our data highlights a concerning discrepancy between how concerned younger generations are about retirement and how much attention they are paying to their employers’ pension contribution levels. While 3% is the legal minimum in the UK, many employers offer a higher contribution – which can make a significant difference at the end of an employee’s working life. In times of economic difficulty, there is a tendency to focus on the immediate rather than the long-term – but everyone including Gen Zs should be thinking ahead and financially assessing roles based on more than just monthly earnings.

“The year 2024 is set to be an important one for pensions, with State Pensions increasing by 8.5% from April among other changes – but it’s unclear whether this alone will be enough to alleviate feelings of anxiety around retirement currently being felt across all spectres of society. The Great Unretirement, which last year saw older generations feeling the pinch return to the workforce to make ends meet or support their families, is unlikely to draw to a close this year.”

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Notes to Editors:

  • The survey polled 2,000 UK adults aged 18-65+ who have been employed in the past year.
  • Kristen Buckheit, Managing Director EMEA at Resource Solutions, is available for comment on demand.

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About Resource Solutions
Resource Solutions is a leading global provider of outsourced recruitment and consultancy solutions founded in 1997. As part of the Robert Walters Group, Resource Solutions’ global operations span 70 countries and provide tailored, premium, end-to-end recruitment solutions.

Head-quartered in London, Resource Solutions have over three thousand employees and manage a recruitment spend of over £2 billion on behalf of its clients. Resource Solutions’ comprehensive suite of tailored services serves clients across various sectors and industries such as Professional and Financial Services, Pharmaceutical, Manufacturing and FMCG.

As a business, we are proud to be led by our people, their experience and our combined purpose. Our mission is to redefine work so everyone has a lifetime of opportunity.