March 22nd, 2024, Kineree Shah
A new YouGov survey asked two age groups, those aged 18-24 and 25-34, about when they expect to retire and how much money they think they need for a comfortable life afterward. Here's what they said.
Not many young folks see themselves retiring super early. Only 7% of those aged 18-24 and 3% of those 25-34 think they'll retire before they're 50.
Most believe retirement will come later. Two in five of the 18-24 age group (41%) and half of the 25-34 group (48%) think they'll retire between 61 and 70 years old. And some are looking at even later than that, with 9% of the younger and 18% of the older group expecting to retire after 70. There are also those who don't think they'll retire at all:, 12% of the younger adult demographic and 8% of the older ones.
When it comes to saving up for retirement, opinions vary. Some young people think they won't need too much; 8% of the 18-24 age group and 5% of the 25-34 group think less than £100,000 will do. More of them, 25% of the younger and 30% of the older group, believe £100,001 to £500,000 will be enough.
A similar number, 23% of the younger and 22% of the older adults, think they'll need between £500,001 and £1,000,000. Fewer, 12% of the 18-24 age group and 11% of the 25-34 group, think they'll need more than £1,000,000.
What's really interesting is that a lot of them, a third from both age groups (32%), aren't sure how much they need. Figuring out the future can be tricky.
The survey highlights how young adults in the UK view their retirement. While few see early retirement in their future, most expect to work until at least 61-70, if not later. And when it comes to money, while their estimates vary, a big chunk of them are still unsure about how much they'll need to save up.
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Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on28-29 February 2024, with a nationally representative sample of 2,052 adults (aged 18+ years) in Great Britain, using a questionnaire designed by YouGov. Data figures have been weighted by age, gender, education and social grade to be representative of all adults in Great Britain (18 years or older) and reflect the latest ONS population estimates. Learn more about YouGov Surveys: Serviced.