For a long time, the path to retirement followed a familiar pattern: steady job, home ownership, and a pension that provided security in later life. That model suited the economic conditions of the time and served many people well.

Today, the landscape has shifted.

Millennials and Gen Z are walking a different path. With home ownership delayed (if it happens at all), the gig economy replacing traditional career ladders, and defined benefit pensions now museum pieces, younger generations are prioritising flexibility, purpose, and experience over rigid milestones. But here’s the problem: while the journey has changed, the need for long-term financial planning hasn’t.

In fact, it’s more important than ever.

Yet the numbers are telling. Research from Moneyfarm found that nearly half of younger workers don’t realise they can choose how their pension is invested. Over half have no idea what their pension might be worth in retirement, and 43% lack a clear strategy for managing it. That’s not just an information gap – it’s a looming crisis.

Financial services must meet this moment with a mindset shift of their own. That means ditching the one-size-fits-all approach and embracing personalisation. It means using data to understand the different journeys people are on, not just their demographics. And most importantly, it means communicating in a way that’s engaging, empowering, and values-driven.

Because the democratisation of investment isn’t just about access – it’s about understanding. Younger generations may not be asset-rich (yet), but they are income-generating and digitally fluent. That’s an opportunity. If we can engage them early – help them see that saving isn’t about sacrifice but about freedom and future choices – we can change the narrative before the crisis hits.

Retirement today isn’t a fixed destination. It’s a mindset. Helping people shape it on their terms isn’t just smart strategy; it’s essential for long-term prosperity.

Read more on engagement strategies for the next generation. Or want to find out more about this topic? Reach out to George Pitt, Director at Vested.