Pension UK: Average pot sizes sit at £42k, 18% less than what's recommended - take action
Pension savings are usually built up throughout a person’s working life and workers are regularly encouraged to contribute to their pots as much as possible. Generally, the sooner one contributes to their pensions, the more likely they are to have a comfortable amount set aside for their later years.
When examining the differences between ages, it was found millenials have £17,175 saved on average, and, “as you would expect”, these totals rise along with the generations.
Gen X’ers have £35,175 saved, while baby boomers have £61,546 in their pension pot.
Despite many of them being retired, the average amount saved for the silent generation is only £111,855.
However, when it comes to having no pension at all, it is actually the older generations who appear less likely to have a workplace or private pension – relying on just a state pension to live off.
