The Young Want to Retire at 63—But Most Have No Plan
A recent article in the Daily Mail highlights a concerning trend.
The damning YouGov findings by savings and investment business M&G of young Brits dream of early retirement and global travel—but most haven’t started saving.
Over 75% of 18 to 24-year-olds and nearly half of 25 to 34-year-olds in the UK have no financial plan.
Yet, many still believe they’ll retire at 63, five years before the UK State Pension age of 68.
Why the Disconnect?
- Optimism Bias – Assuming "it’ll all work out" without a plan.
- Present Bias – Prioritizing today’s spending over tomorrow’s security.
- Lack of Financial Education – Many don’t grasp pension.
- Economic Pressures – High living costs and stagnant wages squeeze savings.
- Unrealistic Expectations – Social media glamorises retirement without the prep. All those pictures of happy couples in the sun. Climbing mountains or sailing their yacht. Maybe ski ing or scuba diving.
- No wealth or financial adviser posts
The Bigger Problem
This isn’t just personal—it’s economic. A generation unprepared for retirement means more strain on state pensions, higher taxes, and weaker consumer spending. The UK isn’t alone—this trend is hitting the US, Canada, Australia, and much of Europe.
The crisis is already here:
The Solution? Start Now.
Financial education, realistic planning, and early action are critical. Retirement isn’t an age—it’s a financial condition.
Are we heading for a pension crisis, or will this generation adapt?
All part of www.teamplc.co.uk
Mark
Chief Executive Officer | Chief Operating Officer | Chief Commercial Officer | Business Head | Managing Director | NED | Business Transformation | Mentor | Coach
4 天å‰This really is an important issue Mark. Having a financial plan is absolutely critical and without one I fear many people are sleep walking towards a very different retirement life than they imagine (lower standard of living, working for longer etc).