Why Gen Z is facing a pensions crisis

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eneration Z has a pension problem. Saddled with huge student debts, struggling to find a job and grappling with the mammoth task of saving for a home deposit, it is no wonder that retirement planning is low on the priority list.

The financial odds are stacked against today’s young adults and a crisis is looming.

Some 34 per cent of 1,000 Gen Z and millennials surveyed by Skipton Building Society said they were too focused on other financial priorities to think about retirement and 25 per cent said they didn’t earn enough to put money aside for later life.

Brian Byrnes from the savings app Moneybox said: “The economic and financial barriers facing Gen Z are significant and often beyond their control.”