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\t\tGen Z have been warned to invest more if they want to retire early \t<\/p>\n
Young Brits are eyeing an early retirement, due to a growing belief that investing the minimum will be enough to fund their dream later life, ignoring warnings their savings are falling short.<\/p>\n
According to Standard Life, on average Gen Z hold ambitious aspirations to retire at 60, earlier than any other generation and years before they are eligible to take their State Pension at 66, which is expected to rise to 68 by the time they retire.<\/p>\n
However, only 13 per cent cited pension savings as one of their top financial priorities<\/a>, while nearly 60 per cent believed that simply being auto-enrolled into a workplace pension allows them to save enough for retirement, lulling them into a false sense of security.<\/p>\n The younger generation<\/a> is holding firm to this belief in spite of industry figures consistently voicing the dangers of both under investing and allocating money into high risk investments.<\/p>\n Instead, Gen Z admitted they would rather focus on short term priorities, with 30 per cent saving for holidays, while 29 per cent opted to focus on getting on the property ladder.<\/p>\n Catherine Foot, director of the Standard Life<\/a> Centre for the Future of Retirement said: \u201cGen Z are at the start of their financial lives and are understandably aiming high with ambitions to retire at 60.<\/p>\n \u201cAlthrough they do have the benefit of time\u2026their aspirations and approach to saving may not match the financial realities ahead.<\/p>\n \u201cIt\u2019s no surprise that short term goals feel more urgent than prioritising pension saving, but the danger is that long-term planning slips too far down the list and by relying on auto enrolment contributions, many are at risk of falling short in later life.\u201d<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tGen Z will \u2018need at least \u00a33m\u2019 to retire comfortably<\/a><\/p>\n \tDigital world and risky investments<\/p>\n Social media and AI is also having an impact on Gen Z investment habits, with the generation having a greater reliance on digital tools than older Brits.<\/p>\n Nearly a fifth reported turning to AI, including chatbots, for financial advice, while 22 per cent relied on \u2018finfluencers\u2019 despite both being unregulated sources unable to offer tailored, individual advice.<\/p>\n