People planning for retirement have been urged to check how changes to the state pension will affect them, as young workers express doubts about whether they will receive any support from the Department for Work and Pensions (DWP) when they retire.
The BBC personal finance show Money Box spoke to three young workers from the Gen Z cohort — those aged roughly 14 to 29 — about their concerns for their financial outlook. There was widespread cynicism about the state pension and whether any DWP support will exist by the time they reach retirement age.
Concerns over the state pension's future
Maisie, 21, who is renting a flat in Manchester, said it is hard to plan around whether she will get a state pension, as it is "just getting further and further away". The state pension age is currently rising from 66 to 67 in stages, between April 2026 and April 2028. Legislation is also on the books for a further increase to 68, between 2044 and 2046.
Graduate apprentice Ruaridh, 18, also spoke to the programme about his financial plans. With his state pension potentially 50 years away, he said he is not optimistic he will get anything from the DWP when the time comes. He said: "I'm planning for the idea of having no or a very insubstantial state pension and then if I were to get paid it, then it would just be a nice bonus on top."
The young workers who spoke to the show explained how their immediate priority was to save up for their first home, while they were also paying into their workplace pensions to build up their retirement pots. The BBC programme also spoke to some personal finance experts about the financial pressures facing young people, and the changes coming up around the state pension.
State pension review underway
Shantel Okello, policy researcher at the Pensions Policy Institute, was asked about the ongoing review of the state pension age. She said this involves "a group of experts coming together" to consider what should be the "expected age of retirement".
The Government announced in 2025 it would carry out another review of the state pension age and where it should be set. Ministers will consider an independent report, looking at a variety of factors relevant to the state pension age, such as life expectancy. This review is set to be completed by March 2029.
You can check what your state pension age is using a tool on the Government website. You can also check how much you are on track to receive with the state pension forecast tool.
Helping young people feel more in control
One new tool helping young people keep on track with their finances is the UK's first super app, ZYMIX. A super app brings together a range of online features to connect people, including messaging, community posting and financial tools.
Research from ZYMIX, which is aimed at university students, found 16 per cent of Gen Z feel anxious about splitting bills or asking a friend to pay their share. ZYMIX includes a Wallet function, to help with managing these expenses fairly and sending payments.
Nikita Sun, chief strategy and corporate affairs officer at ZYMIX, said: "Moving to university means finding your feet socially as well as financially, particularly when you are arriving in a new city or country. Joining a society, going to an event or sharing a meal can be the beginning of a friendship, so the conversation needs to go beyond simply telling students to spend less."
"What matters is helping young people feel more in control of those decisions, from understanding what they can afford to managing shared costs without awkwardness. At ZYMIX, we see that as part of a broader question about how technology can make everyday life easier and give people more time for the relationships and experiences that matter to them."
