Unsurprisingly, we are not saving enough towards our retirement. Recent research by BlackRock has shown that saving towards property ownership is considered the highest priority among millennials. Despite this, 22 per cent said they would take equity out of their home to move to a smaller property if their retirement income turned out to be less than expected.
Alex Hoctor-Duncan, investment and savings expert at BlackRock, said: “The survey shows that millenials completely separate saving and investment from debts.”
“In some ways it is not surprising as technology has made it easier than ever before to buy now and worry about the consequences later.”
“Without a doubt, the biggest challenge that this group faces is multi-tasking their finances.”
“A good place to start is to have a plan for their savings, investments and their debts. Millennials are the first generation that will have to rely not only on their finances, but the way they manage them.”
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