Younger generations doubtful about future of State Pension

As the Autumn Budget approaches, new research¹ from J.P. Morgan Personal Investing shows confidence in the future of the State Pension is eroding – particularly amongst younger generations.

• Nearly half of Millennials² (44%) don’t believe the State Pension will exist when they retire, with a further 59% believing it will be worth ‘a lot less’.
• A growing generational divide: only one in ten (9%) of over-55s expect the State Pension to disappear, but four in ten (39%) 25–34-year-olds say the same.
• Despite this scepticism, 71% of Millennials still believe people should be able to live off the State Pension alone – highlighting a worrying disconnect between expectation and reality.
• Half (54%) of Gen Z see the Triple Lock as a fair policy, compared to two thirds (67%) of Millennials and three quarters (75%) of Baby Boomers.
• 53% of Gen Z and 57% of Millennials agree the State Pension should be means tested. Even amongst those already retired – Baby Boomers and the Silent Generation – there’s some support for means testing, with 32% and 31% respectively in favour.
• Perhaps surprisingly, there’s more support for the State Pension to be means tested amongst those on higher incomes. While amongst all adults 47% are in favour of means testing, this rises to 63% amongst those earning £90,000 or more.

Claire Exley, head of financial advice and guidance at J.P. Morgan Personal Investing, said: “Longer life expectancies and fewer working age adults have dramatically increased the cost of the State Pension, despite increases in the retirement age.  And while the Triple Lock has seen it become relatively more generous over time, it is clear that many younger people have little faith that the State Pension will be there for them when they retire.

“If younger savers think the State Pension will be worth significantly less or not exist at all when they retire, it’s important to ensure they’re making up for this shortfall. Contributing to a pension or making the most of employer matched contributions when you’re younger should mean time is on your side. And if the State Pension still exists and has kept pace with inflation – your future self will still be pleased you put away ample for your retirement.

“As with most things finance related, some early planning can ensure you have more options in the future, so whatever happens to the State Pension, getting some guidance and advice on what you can do now is a good first step.”

¹Censuswide nationally representative survey of 2,000 UK adults undertaken on the 21st to 26th August 2025. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.

²Age range of generational groups

• Gen Z 18 to 28
• Millennials 29 to 44
• Gen X 45 to 60
• Baby Boomers 61 to 79
• The Silent Generation 80+