Do we really want to #bringback2016? Only one in six prioritised pensions, and now more than a third wish they had

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• As 2016 nostalgia trends online, Standard Life research reveals growing retirement regret among those who didn’t prioritise pension saving a decade ago
• Just one in six (16%) say pensions were a key financial priority in 2016, while more than a third (36%) now wish they’d contributed more over the last ten years – almost half (45%) of Millennials admit pension regret
• Auto-enrolment system has matured since 2016 with default contribution levels much higher today 
• Standard Life analysis shows that a £100 pension boost once a month for just one decade – between the ages of 30 and 40 – could add almost £20,000 to a final retirement pot

If social media is anything to go by, #bringback2016 is having a moment. From old phone photos to throwback playlists and reflections on life before lockdown, many people are describing 2026 as the new 2016 and looking back fondly on an increasingly different time.

But while much of the nostalgia has focused on friendships, music and fashion, new research from Standard Life suggests it may also be prompting a moment of financial hindsight. A decade on, more than a third (36%) say they wish they’d paid more attention to their pension – a sign that priorities which once felt distant can quickly become more pressing.

It’s worth noting that in 2016, people faced a different pensions landscape and any nostalgia is largely misplaced. Ten years ago, auto-enrolment was still in its infancy and minimum contribution rates were just 2% (1% employer/1% employee) and with a lower limit on the salary that was eligible, meaning many people who were saving through work were doing so at much more modest levels.

Life came first – pensions followed

In 2016, pensions were far from front of mind for many people. Only one in six (16%) say pension saving was a key financial priority at that time, in favour of a financial focus firmly on the here and now. Three in ten (31%) prioritised enjoying life and making memories, and a further quarter (25%) focused on travelling and affording holidays.

Nearly half (46%) say pensions were either a low priority or not a priority at all a decade ago – and this was particularly true for three fifths (60%) of Millennials.

Why pensions slipped down the list

When asked why pension saving was deprioritised, over a quarter (26%) say they simply didn’t think about pensions in 2016, while one in five (20%) say they weren’t earning enough to prioritise pension saving.

Others assumed pension saving would sort itself out later (11%), felt retirement was too far away to worry about (10%), or didn’t feel confident enough in their understanding of pensions to engage (9%).

Ten years on, regret is setting in

Looking back today, attitudes have shifted. Pension regret is highest among Millennials – with almost half (45%) wishing they’d contributed more over the last decade. Over a third (34%) of Gen X say the same.

What ten missed years could really cost your pension

Analysis from Standard Life highlights the impact that even a single decade of pension saving decisions can have on long-term retirement outcomes. While pensions are often viewed as far in the future, choices made over a ten-year period - for example between the ages of 30 and 40 - can meaningfully shape future financial security.

Someone who begins working at the age of 22 on a salary of £25,000 a year and pays the minimum monthly auto-enrolment contributions (5% employee, 3% employer) from the age of 22 could have a total retirement fund of £210,000 by the age of 68, allowing for 2% inflation over the period*. However, someone who makes an additional £100 contribution monthly to their pension for ten years, between the ages of 30 and 40, could build up a retirement pot of £229,000 by the age of 68. Someone who chooses to boost contributions even more, adding an additional £250 every month, could build up an even larger pot of £258,000 in today’s prices, almost £50,000 more than someone paying the auto-enrolment minimums over the decade.

Total retirement fund at age of 68*
Standard auto-enrolment contribution. Saving from age 22, 5% employee contribution, 3% employer	Additional £100 contribution per month, between 30 and 40	Additional £250 contribution per month, between 30 and 40
£210,000	£229,000	£258,000
	+£19,000	+£48,000

*Assumptions: Starting salary £25,000, 5% employee and 3% employer monthly contributions, 5% annual investment growth. Figures are reduced to take effect 2% inflation. Annual Management Charge of 0.75% assumed. The figures are an illustration and are not guaranteed. Earning limits not applied.

 

Mike Ambery, Retirement Savings Director at Standard Life says: “Scrolling back through photos and playlists from 2016 is a reminder of just how different life looked ten years ago. For many people, the focus back then was on enjoying the moment – travelling, making memories and finding their feet – rather than thinking about retirement decades down the line.

“It’s understandable that the short term has taken precedence – life doesn’t always leave much headspace for long-term financial planning. However, time passes quickly. In 2036, people may well be reflecting on today in exactly the same way and small, manageable actions taken now can help shape what that future looks like. Looking back on 2016, we’ve seen real progress in the pensions world since then - not least through the steady rise in auto enrolment contributions, which has helped many people build stronger foundations for the future. If we can keep that momentum going over the next decade, the actions people take today could make looking back on 2026 feel much more positive in years to come.”

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Notes to editors:

1 – Opinium surveyed 2,000 UK adults nationwide between 20th and 23rd January 2026. Quotas and post-weighting were applied to the sample to make the dataset representative of the UK adult population.

2 - Calculations assume the following:

Starting Salary	£25,000
Employer Contribution	3.00%
Employee Contribution	5.00%
Investment Growth	5.00%
Salary Growth	3.50%
Inflation	2.00%
Annual Investment Cost	0.75%

Calculations are intended only for the sole purpose of providing an illustration regarding the projection of savings and pensions. They should not be used with the intention to give an accurate representation of real-world outcomes

About Standard Life

• Standard Life is a brand that has been trusted to look after peoples’ life savings for over 200 years.
• Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.
• Standard Life is part of Phoenix Group, one of the largest long-term savings and retirement business in the UK. We’re proud to be building on 200 years of Standard Life heritage together. Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.
• We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs and plan a future they feel confident about.
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