Millennials’ “Return‑to‑Work” Dilemma: Are You Ready to Trade Your Beach Chair for a Desk Chair?
Ever hear the phrase “retirement isn’t a final boss, it’s a mid‑level boss”? New research from L&G shows that 62 % of UK millennials are already uneasy about the possibility of having to go back to the grind after they’ve finally walked away from the office. The worry is real, and it’s not just fluff on a ticker.
Key Numbers (and some heart‑smashing facts)
- 62 % of millennials think it’s likely they’ll need to return to work once they retire.
- Almost three‑quarters (78 %) would feel downright frustrated if they find their savings are a puddle rather than a pool.
- Over half (49 %) don’t even have a retirement plan in place—so your “future self” might be sending you a postcard that reads: Missing: spare change, please.
- For ages 28‑44, 12 % have no money saved for the future, and a whopping 36 % don’t know the amount they’re funding their pension each month.
Why Millennials Should Stop the “Sace, I’ll Save Later” Excuse
Retirement may feel like a distant constellation, but the early‑bird gets the worm (and, in this case, the government bonuses and employer matching).
Quick‑Hit Tips From Katharine Photiou, the Pension Power‑House
- Start Early, Save Smart. The earlier you toss your money into the pirate chest—aka a pension—the faster it’ll grow. Think compound interest, not “one‑time‑does‑it” payouts. The government and your employer will love you for being a smart saver.
- Crush That High‑Interest Debt. Toss the biggest unsecured debt out of the way first. Pay off the credit‑card fire that burns your bank account. Once it’s gone, your monthly savings can stay that way without leaking into loan interest.
- Play With Cash ISAs and Stocks & Shares ISAs. Credit your savings with interest when you go cash‑ISA–wise, but if you’re a long‑term investor, let your money grow through stocks & shares ISAs. One’s like a rubber ball, the other’s a crossword—both are fun.
- Boost Your Workplace Pension. Most UK workers automatically contribute 8 % of their salary to a pension. Think of that as a “pay‑in.” If you can spare an extra 1 % (all the money you could save from “late night food”), that might become a serious weight for your retirement bag.
- Grin at Tax Relief. Don’t forget the tax credits. Your retirement pot feels much lighter when government says, “you’re welcome.”
In Closing: Imagine a Future Where Your Money Works While You’re Not Working
It may sound like a fantasy, but with solid planning, you won’t have to settle for a “retired but still working” scenario. So, start early, fight debt, use ISAs wisely, bump that pension, and let the tax system do its generous thing. Get ready to enjoy your golden years—without a spreadsheet on your lap.
