Maike Currie, vice president of personal finance at PensionBee, said: “Britain is ageing from both ends. We’re having fewer children and starting families later, while more of us are living into our 90s and beyond.
“Fewer young people entering the workforce alongside a growing older population has profound implications for how we fund longer lives, from the State Pension and social care to our own retirement savings.
“For individuals, it means preparing for a retirement that could last 20, 30 or even 40 years. For policymakers, it strengthens the case for helping people start saving earlier, including bringing younger workers into automatic enrolment sooner.
“We used to think of the population as a Christmas tree: broad at the bottom and narrow at the top. Falling birth rates and greater longevity are gradually turning that tree on its head. Our retirement system needs to adapt with it.”
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