Millennial pension income to match baby boomers

Young adults are expected to receive a similar pension income to older generations, a study claims.

A report by the Resolution Foundation has challenged pessimistic expectations of the younger generation’s retirement income.

Widespread public opinion on the future prospects of young people sees retirement as a concern second only to housing.

However, millennials are expected to receive a similar level of pension income to that of baby boomers retiring in the 2020s.

The report attributes this more optimistic prediction to a series of reforms established over the past 10 years, such as auto-enrolment schemes and the new state pension.

While these improvements were noted, the report highlighted concerns with living standards at retirement across all generations.

1 in 5 recent retirees currently fall short of the Minimum Income Standard, a figure that is set to remain consistent for future generations entering retirement.

The report concluded that “neither pessimism nor complacency is warranted,” and emphasised the need for continued efforts to boost living standards in retirement.

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