“I think the mindset should switch over the next 10 to 15 years from ‘these are the things that we generally do’ to ‘these are the options, what are we bringing in, what are we putting back’,” she stated.
Financial education
When asked about what could be needed for retirement planning in the future, Meagher called for more education around financial matters.
She stated: “The younger generation is not educated enough about what’s needed longer term.
“There is a huge black hole coming that seems to have been swept under the carpet as far as the amount of money that is going to be needed in retirement as people are living longer. and this instant gratification that’s within society.
“I think educating the younger generation, whether that’s through tech or actual humans, is something that we really need to start getting hold of.”
This sentiment was echoed by Nokkel CEO and founder, Roland Whyte, who stated: “This is not going to happen overnight.
“In terms of being aware of what you need to do in order to reach retirement, and we’re past the days of defined benefit schemes, it’s all about saving.”
He added that trying to convince someone in their twenties that they should be putting money away for 40 years time is “not an easy thing to do”.
tom.dunstan@ft.com
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