View Image

Generation Z will need £3million in pension savings to secure a comfortable retirement, according to a new analysis.

Wealth management firm Rathbones Group has compiled the research, which found that a 25-year-old starting work today must build £3.1million by retirement age in order to live comfortably.

In comparison, someone retiring at the age of 65 today will need £1.4million.

The research uses Pensions and Lifetime Savings Association (PLSA) benchmarks, assuming two per cent annual inflation.

To amass the £3million figure, 25-year-old's will need to save a staggering £1,600 a month.

Rebecca Williams, divisional lead of financial planning at Rathbones, said it is "a stark reminder of how inflation can quietly erode retirement savings.

"What's considered an adequate ret

See Full Page