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Bleak retirement outlook for Millennials

1 in 10 global workers think Millennials (those born between 1980 and 1997) are in the best position for a comfortable retirement.

HSBC polled more than 18,000 people from 16 countries and found 59% of Millennials believe they will live much longer and will therefore require better support for retirement.

Millennials planning to retire expect to do so at 59, compared to 61 for Generation X and 64 for Baby Boomers.

68% have started saving for retirement, at an average age of 26. However, 32% have yet to start on their retirement compared to Generation X (25%) and Baby Boomers (21%).

Further findings:

  • 65% are prepared to cut back on expenses to save more, compared to Generation X (59%) and Baby Boomers (54%)
  • 61% are actively seeking guidance on financial decisions, compared to Generation X (56%) and Baby Boomers (50%)
  • 39% are willing to make risky investments to ensure their financial stability, compared to Generation X (33%) and Baby Boomers (22%).

Charlie Nunn, group head of wealth management at HSBC, said:

“While Millennials are broadly aware of the economic and demographic challenges they face, they do not appear to have grasped the full implications for their retirement.

“With low interest rates, rising healthcare costs and potentially less state support for retired people in the future, it has never been more important to save for a comfortable retirement.

“Starting to save early, and saving enough, can reduce the need to have to continue working in later life.”

Contact us today to discuss retirement planning.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.