By Daniel Hunter

Workers aged 20 to 29 recognise the need to save for their retirement, but many don’t feel they have the capacity to fund their long-term financial future.

The findings, from Aegon and the Transamerica Center for Retirement Studies, looked into the prospects young employees feel they have when considering funding their retirement and concluded that many want to save but don’t believe they can. This is despite the roll-out of automatic enrolment, which will see all workers offered the opportunity to take up a workplace pension by 2017.

Around three in five expects to be financially worse-off than their parents, while more than four in ten don’t believe they will be able to choose when they retire — an option open to their parents.

To make matters worse, almost one in three young people expects to provide financial support to their retired parents.

Almost half of 20 to 29 year-olds don’t know whether their current savings plans will be sufficient to give them a comfortable retirement income.

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