Confidence and caring for others are two strong themes that emerge from our study of Generation Z, but their attitudes reflect the complexities of their diversity too.
Almost two-thirds (62%) say they are happy to spend less on themselves so they can help children and loved ones in future and a quarter expect to be paying for long-term care for a loved one in retirement.
Caring for elders is very important in my family
I'd be happy to spend less on myself so that I can help my children/ loved ones
I feel that my investments should be invested in sustainable investments
I believe it's the responsibility of adult children to help provide financial support to their parents
Planners expect to retire earlier and to be able to fund their retirement for longer - yet three quarters of people say they’ve done little or no thinking about the money they'll need to live on in retirement.
If we look past expectations to the realities of retirement, what impact has planning actually had?
Wealth naturally influences whether people enjoy their retirement or not, but if we compare lower income retirees we find:
Amount of planning done on how much money
will be needed to live on retirement
Significantly more men say they feel positive about their current financial situation than women. And when it comes to confidence in making financial decisions there's an even bigger gap with 57% of women feeling confident compared to 70% of men.
There are clear gender differences across a range of attitudes to financial planning and retirement, though the differences are generally smaller among younger people.
However, they remain pronounced in some areas including among the youngest female workers:
Our findings pose an important question, is the gender gap really reducing among younger people, or is it simply waiting to widen as they enter their 30s and 40s?