"Despite being anxious about our financial future, battling the high cost of living means that we have nothing spare to put into a pension even when we earn above average salaries. There is a recession of trust towards pension companies, particularly for younger consumers. It's not surprising that we are disengaged from saving for retirement. We built Chest to make saving easier by using money that we're already earning from daily spending such as the weekly shop or buying a coffee."
"New consumer research commissioned by the company found that two in five Gen Z and millennials (39%) who are not retired say they cannot afford to contribute to a pension at all, or that short-term priorities such as saving for a house deposit or starting a family take precedence. By comparison, 34% of Generation X - those aged between 44 and 60 - admit they too cannot afford to put money aside for retirement."
Chest will launch this autumn and has already attracted more than 1,200 early adopters interested in opening a Chest pension. The app converts cashback from everyday spending into long-term retirement savings, aiming to reach younger consumers who use loyalty and cashback schemes but are often disengaged from traditional pensions. Research found 39% of non-retired Gen Z and millennials cannot afford pension contributions or prioritize short-term goals, while 34% of Generation X report similar constraints. More than one in three people under 45 feel uncertain or anxious about retirement prospects. The model depends on small rewards compounding over time.
Read at Business Matters
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