A striking 70% of Gen Z and Millennials worry about being able to retire comfortably, and 69% anticipate working well past the retirement age, according to new research.
Despite these concerns, younger Brits imagine a bold and vibrant retirement future, powered by sustainable technology, eco-friendly communities, and high-tech innovations like virtual reality (VR) movie marathons and robotic assistants.
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Skipton Building Society, used its study as the foundation of creating these AI-generated images to bring to life how younger generations envision their golden years.
As expected, the research indicated that sustainability is a top priority for Gen Z and Millennials, with 25% picturing eco-friendly ocean-based communities and homes powered by renewable energy. Modern conveniences like robotic assistants and automated lifestyles also featured prominently on their wish lists.
They also envision continuing their current hobbies in their future retirement as well hobbies traditionally taken on by those in their older years.
Some look forward to joining book clubs or cultivating their own vegetables, while others plan to continue trends from their youth – 16% even aspire to keep producing content.
The AI artwork also highlights retirees sporting bold personal styles – vibrant hair colours, tattoos, and smart clothing equipped with health trackers.
Younger Brits imagine they’ll be proudly displaying their tattoos (Image: Skipton Building Society)
While these visions are exciting, the financial reality paints a different picture. According to the study, many younger adults are still unprepared for their retirement years, with 31% feeling they are too young to worry about it, and 25% reporting they don’t earn enough to save for later life.
Currently, 34% of respondents admit they are focused on more immediate financial priorities, delaying any serious planning for retirement.
However, the study did highlight some positive progress-46% of participants are already managing their workplace pensions, and 43% have opened ISAs to save additional funds.
Meanwhile, 36% are investing in stocks and shares, and 25% are contributing to a Lifetime ISA. Encouragingly, 60% of participants aim to increase their pension contributions within the next five years, hoping to benefit from increased income and compound interest.
Many visualised smart clothing with health-tracking capabilities (Image: Skipton Building Society)
Alex Sitaras, Head of Savings and Partnership Products at Skipton Building Society, emphasised the need for this early financial planning.
“It’s fascinating to see how Gen Z and Millennials imagine their retirement years,” Sitaras said. “However, while these visions are exciting, the reality is that preparing for retirement needs to start as early as possible.
“The sooner you begin saving and investing, the more options you’ll have to create the future you dream of.”
Sitaras added that even small contributions over time could build up significantly through long-term investments and compound interest.
The study’s findings suggest that turning futuristic dreams into reality requires more individuals to start discussing retirement planning earlier, which is a practice aided by Skipton Building Society’s