Less than 10% of Gen Z and Millennials believe they can ever retire: Survey

As such, half of Gen Z workers anticipate that they will have to work until at least 70.

Have you ever imagined your life after retirement, and at what age do you expect to retire? A recent nationwide poll in Australia has, however, found a confronting reality: less than 10% of the younger generation believes they can ever retire.

*While the survey was conducted in Australia, HRO believes the results remain relevant to our readership in Asia.

Conducted in April 2025, the survey has uncovered striking generational divides in retirement expectations. Only 7% of Gen Z and 8% of Millennials believe they will ever be able to retire, compared to 21% of Gen X and Baby Boomers.

Half of Gen Z workers anticipate that they will have to work until at least 70, with 38% expecting to continue working into their mid-70s or later. In contrast, only 22% of Gen X and Baby Boomers believe they will still be working into their 70s.

Despite the growing expectation to work longer, around one-third of Australians across all generations – including Millennials, Gen X, Baby Boomers, and Gen Z – still hope to exit the workforce before the age of 65. However, nearly a third (32%) believe between 65 to 69 is more likely, and 17% expect to work into their 70s or beyond.

Even as people have got prepared for the reality of longer working lives, there are still structural issues that need to be addressed, especially ageism.

The poll revealed that the vast majority (89%) of respondents believe employers rarely or never hire people near or past retirement age. Additionally, a third indicated that people over 65 have virtually no chance of being hired, despite growing demand for skilled workers and a shrinking younger workforce.

“We have an ageing population and a declining birth rate,” said Suhini Wijayasinghe, Head of HR Solutions at people2people.

“Inaction on age inclusion isn’t just unfair – it’s economically unsustainable. Creating age-inclusive workplaces is no longer optional. It’s a strategic imperative.”

ALSO READ: Hong Kong to implement 30 measures to promote silver economy and unleash productivity