Why Gen Z are planning for life without a state pension

Members of Generation Z are making financial plans that do not assume they will receive state pension payments in retirement. A 2024 survey found that 58 percent of people aged 18 to 24 do not expect a state pension to be available when they reach retirement age. Financial advisors report increasing numbers of younger clients establishing private retirement savings accounts and investment portfolios. The UK state pension age is currently scheduled to rise to 68 by 2039, with potential further increases under review.

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