The ONS calculates that the current average life expectancy for an 18-year-old male is 86, with one in four men likely to reach the age of 96. For women this is 89 and 97 respectively. A snap poll shows the limited retirement options felt by this generation.

New research from Canada Life shows that more than half the UK’s 18- to 34-year-olds expect to work until they are at least 70, mainly driven by financial considerations. A third in this demographic don’t think their pension will be sufficient to fund their retirement and around a fifth are not sure how long their retirement savings will need to last. Just a quarter polled expect to be in good shape to lead a comfortable retirement.

The government’s auto enrolment scheme has done a good job of capturing the younger generation into retirement saving, with very low numbers opting out. But there is a lack of overall industry engagement with this group, Canada Life warned, that will help bridge the current 18-year retirement funding gap facing this generation. The wealth planner polled 2,000 UK adults aged 18 and over in October on what their expectations are for meeting a comfortable retirement.

“There is general agreement the default 8 per cent contribution rate won’t provide a decent standard of living in retirement for many people. Although retirement may feel like a lifetime away, this may be why such a large percentage of 18- to 34-years-olds have seemingly resigned themselves to work well beyond the current state pension age,” Andrew Tully, technical director at Canada Life said.

According to the latest Office for National Statistics data, the current average life expectancy for an 18-year-old male is 86, although one in four men could reach the age of 96. For women this is 89 and 97. As the current state pension age for this generation is likely to be at least 68, there is a retirement funding gap of at least 18 years on average.

The fact that the pension age is moving ever upwards and people will be economically active for possibly decades longer than they are now, either by choice or necessity, is creating "a new set of challenges for retirement providers, employers and these individuals," Tully said. "Traditional lifestyle investment models will be less relevant, while employers will need to think about how they support an ageing workforce."

Retirement planning is going to feel a step further removed for the ten of thousands in this age group who have been furloughed or lost their jobs this year.