These AI images show what the typical Gen Z and Millennial thinks their future retirement will look like – from ultra-sustainable care facilities to futuristic movie marathons with pals.
AI shows what Gen Z and Millennials think retirement will look like
A significant 70% of Gen Z and Millennials are anxious about their ability to retire comfortably, with 69% expecting to work beyond the traditional retirement age, reveals new research.
Despite these worries, younger Brits have a vision of a dynamic and exciting retirement future, driven by sustainable technology, eco-friendly communities, and advanced innovations such as virtual reality (VR) movie marathons and robotic helpers.
Skipton Building Society generated AI images to depict how younger generations imagine their retirement years, following a recent study.
The study unsurprisingly revealed that sustainability is a top priority for Gen Z and Millennials, with 25% picturing eco-friendly ocean-based communities and homes powered by green energy. Modern conveniences like robotic assistants and automated lifestyles were also on top of the list.
In the AI artwork retirees sport bold personal styles – vibrant hair colours, tattoos, and smart clothing equipped with health trackers.
While these dreams are thrilling, the financial reality tells a different story. The study shows that many young adults are still unprepared for their retirement years, with 31% feeling they’re too young to worry about it and 25% stated they don’t earn enough at the moment to save for later life.
At present, 34% of those surveyed confess they’re focused on more immediate financial priorities, putting off any serious planning for future retirement.
On a brighter note, the study highlighted some positive strides – 46% of participants are already managing their workplace pensions, and 43% have opened ISAs to stash away extra funds.
In addition, 36% are dabbling in stocks and shares, and 25% are contributing to a Lifetime ISA. Encouragingly, 60% of participants plan to ramp up their pension contributions within the next five years.
Alex Sitaras, Head of Savings and Partnership Products at Skipton Building Society, emphasised the importance of this early financial planning. This is where Skipton Building Society’s My Money Review service steps in, offering support to those looking to secure their future.
“It’s fascinating to see how Gen Z and Millennials envision their retirement years,” Sitaras commented. “However, while these dreams are exciting, the reality is that preparing for retirement needs to kick off as early as possible.”
“The sooner you start saving and investing, the more options you’ll have to craft the future you dream of.”
Sitaras further noted that even modest contributions over time could accumulate significantly through long-term investments and compound interest.
“It’s understandable that financial pressures in the here and now make it difficult to prioritize retirement savings,” Sitaras noted. “But even small steps today can add up and help turn these exciting visions into a reality.”
The study highlights the need to bridge the gap between futuristic dreams and financial readiness, urging more individuals to start discussions about retirement planning earlier.
