Millennials may need to work longer and save more in order to enjoy retirement: study

This woman's piggy bank of savings may be empty sooner than she thought (JP Chretien/Shutterstock)

If you were thinking some nest egg investments might help you save for your first home, or just keep you enjoying the good life when you get older, you may need to think again.

A worldwide study from the McKinsey Global Institute says the “golden era” of investing may be over – and you will need years more work and a lot more saving to make do.

Depressingly, but perhaps not surprisingly, the study found the average 30-year-old today may have to work for an extra seven years, or save double the amount – compared to their predecessors – just to enjoy the same retirement.

Image: Piggy Banks / Shutterstock

SEE ALSO: Millennials in Metro Vancouver have unrealistic inheritance expectations: report

The report, entitled Diminishing returns: Why investors may need to lower their expectations, looked at investment returns and the real economy over the last 30 years.

It found returns on equities and fixed-income investments in North America and Western Europe over the next 20 years could be a lot lower – even given the 2008 financial crisis.

For more, download the full report here.

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Jenni Sheppard Staff writer at Vancity Buzz. Happy Vancouverite. Traveller, snowboarder, film fan, feminist, geek, curler.

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