In our Millennial study, one of our questions to over 16,000 respondents in 43 countries were “At what age do you expect to retire?” Interestingly, the Asia-Pacific (APAC) region, as opposed to other parts of the world, projected the youngest retirement ages.
Some 58 percent in APAC expect to withdraw when 60 years old or younger. The Chinese, in particular, are the most optimistic about when they will exit the job market.
Millennials in Central and Eastern Europe, however, anticipated the oldest retirement ages; more than one quarter (27 percent) told us they expect to stop working after the age of 70.
What does this tell us about how Millennials see the future?
Are Millennials in Central and Eastern Europe, North America, and Western Europe less confident about their ability to retire early due to their financial future (see diagram below)? Or do these findings simply show a higher degree of confidence about future health?
As life expectancy increases and healthcare improves, it’s highly likely that we will all need to work a few more extra years. Firstly, we’ll need to support an ageing population. Secondly, we’ll need to keep ourselves occupied for a longer period of time before withdrawing from professional life. Thus, I think the answers to the above questions are more complex.
Regarding Millennials in the APAC region, they probably feel more confident about their financial prospects to retire early, or at least they do so for now. Much can happen in the next ten to twenty years, so sentiments about retiring early may also change for APAC Millennials. Only time will tell.
“I THINK SO. IN MY GENERATION, PRIVATE LIFE AND LEISURE ACTIVITIES ARE VERY IMPORTANT. WE BELIEVE THAT TO BE GOOD AT WORK YOU
NEED TO BE HAPPY IN YOUR LIFE.”
Get our free six-part series on Millennials »