How Gen Z & Millennials imagine their retirement

After research revealed what younger Brits envisage their lives would be like when they finally finish work, AI tools have brought these visions to life.

They believe their later years will be filled with green energy-powered retirement communities (25%), food and drink dispensers offering global cuisines (24%), and fully automated smart homes (23%).

Many also visualised smart clothing with health-tracking capabilities (21%) and futuristic public parks with tech-enhanced relaxation areas (19%).

In fact, on-demand robotic assistants for chores (17%) are also expected, alongside ocean-based eco-communities (15%).

Tech meets traditional hobbies

As for activities, many reckon they will still be doing the hobbies they love today – such as travelling (52%), photography (39%), and binge-watching movies and TV shows (38%).

While others still expect to unwind with yoga (27%), and attending music festivals (23%), with 16% hoping they will still be creating TikTok content.

Yet, many hope to embrace hobbies more typically associated with those in their golden years, including joining a book club (41%) and growing their own veg (39%).

They’re also imagined with a bold sense of style, colourful hair, and tattoos proudly displayed well into their later years.

The AI artwork and research was commissioned by Skipton Building Society as part of its My Money Review service which encourages people to think more about their long-term goals for their money.

Alex Sitaras, head of savings and partnership products at the building society, said: “It’s fascinating to see how Gen Z and Millennials imagine their retirement years – filled with technology, sustainability, and a lasting passion for the hobbies they love today.

“They really bring these ideas to life, showcasing futuristic retirement communities powered by green energy and vibrant public spaces – blending modern innovation with traditional pastimes.

“However, while these visions are exciting, the reality is that preparing for retirement needs to start as early as possible, and when it comes to discussing your finances, it really is a conversation worth having.

“The sooner you begin saving and investing, the more options you’ll have to create the future you dream of.”

Concerns over retirement readiness and financial security

The research, which polled 1,000 Gen Z and Millennials, found 70% are worried about being able to retire comfortably, with 69% expecting to have to work past the retirement age.

This is despite 61% already thinking about and planning for the end of their working life.

Nearly half (46%) have taken control of their workplace pensions, and 43% have an ISA set up to save extra cash for when they finish work.

While 36% have a stocks and shares portfolio in place to grow their money, with 25% paying into a Lifetime ISA.

However, 34% of those yet to make plans are too focused on other financial priorities right now.

With 31% feeling they are too young to be worried about retirement, and 25% don’t think they earn enough to put cash aside specifically for later life.

The findings, conducted via OnePoll, also revealed 60% of Gen Z and Millennials plan to increase their personal pension contributions in the next five years.

Of these, 31% want to do so as they expect their income to increase in this period, and 25% want to benefit more from compound interest over time.

Alex Sitaras from Skipton Building Society added: “While many Gen Z and Millennials are already planning for retirement, a significant proportion are worried about whether they’ll be financially comfortable in later life.

“Encouragingly though, many young people are already making smart financial choices for their future.

“But with financial pressures in the here and now, it’s understandable that some feel unable to prioritise retirement savings.

“The key takeaway here is that even small contributions can add up significantly over time – the earlier you start, the more you can take advantage of interest and long-term investment growth.”