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Are you ready to retire?

Millennials spend £1000 more than the full monthly state pension each month

If you’re just kick-starting your career, it can be hard to imagine yourself as a retiree relying on a pension pot.

Taking into account everyday expenses, saving for your retirement while you’re still young can seem like less of a necessity, and more of an inconvenience – especially when you could be spending your hard earned money on a night out or a well-deserved holiday.

But does this mentality mean that Millennials aren’t actually aware of the consequences they could face in the future without a sustainable pension pot?

Spend Now, Save Later

Foodie Mentality – We’re all guilty of having a takeaway now and then, Millennials are a bit more guilty than most, spending an average of £110 a month – 17% of the monthly full state pension.

One Night Only? – While there’s no shame in treating ourselves to a good time now and then, the costs of a night on the town can add up. The research found that Millennials spend an average of £211 a month on nights out alone – making up 32% of the monthly full state pension.

Always Connected – Although there are cheaper phone contracts out there, many choose the more pricey option because of the benefits, but could we could be spending too much on them? On average Millennials spend £45.60 a month on their phone contracts, more than they spent on mini holidays (£29.17) and 6% of the monthly full state pension allowance.

Top Saving Tips

Take Advantage of Pension Schemes – All workplaces should offer a pension scheme, committing to this means that a portion of your salary (commonly 5%) is dedicated towards retirement for you.

Cut Back On Big Nights – On average, the research found we spend £211 on a night out – that’s 32% of the state pension. If we cut that in half we could put that extra £100 into a private pension.

Eat More, Takeaway Less – Combining the average amount spent on groceries and takeaways equals £300 a month. Cutting back on just takeaways can save an extra £80 each month towards your pension.

Michelle Gribbin, Chief Investment Officer at Profile Pensions commented, “Although monthly expenses can vary from generation to generation, we wanted to showcase to those still climbing the career ladder the necessity of preparing for their financial future early, by highlighting just how much of their current lifestyles they would have to change in order to live comfortably in retirement.

“Although it can be easy to glance over small indulgences from time to time, it does all add up, and preparing for retirement is key for us all, no matter our age. In fact, as our results show, the earlier you can start saving, the more comfortable your retirement can be. ”

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