The new report, which analyses the different money priorities for each generation, has revealed that only Gen X savers (aged 41-56) view pension plans as one of their top three financial priorities. Despite being the biggest savers, Brits falling into the Gen Z category (18-24), say that their biggest financial priority is saving for a home, followed by money to spend on material goods, and saving for a dream holiday. When it comes to Millennials, holidays are the single biggest priority, with almost 40% of 25-40 year olds saying it was their primary financial focus, followed by money for material goods and saving for a home. Cross generation salary priorities (money.co.uk survey data) According to top financial experts, prioritising an experience or saving for a home is gratifying in the short to medium term – yet failing to invest properly in a pension will result in difficulty later in life. James Andrews, personal finance editor at money.co.uk, said: As well as a divide in how each generation prioritises pensions, there’s also a disconnect between how much each generation choses to contribute. Overall, Millennials are the least likely to make additional contributions on top of their auto-enrolled amount, with Gen X savers being the most likely to overpay. The one thing Brits do agree on, is that the average amount needed for a comfortable retirement is £22,500. Here’s an overview of how each generation manages their pensions plan: Cross generation pension breakdown (money.co.uk survey data) [robinhood]
