For years, the FIRE movement—Financially Independent, Retire Early—captured the imagination of ambitious young professionals. But a new, more pessimistic cohort is emerging across Europe: the NERDs, or the Never Ever Retiring Demographic. These are Gen Zers and millennials who have concluded that retirement is a distant, unattainable dream, and who are consequently abandoning pension savings altogether.
The term has gained traction following a study by People's Pension, a major UK workplace pension provider, which found that 47% of Britons aged 18 to 27 do not engage with their pension. More strikingly, 12%—equivalent to 2.2 million young people—have already stopped saving for retirement, convinced they will be working until they drop.
This shift is not confined to the UK. Across the European Union, from Berlin to Madrid, young people are grappling with a cost-of-living crisis that has pushed traditional milestones—buying a home, starting a family, retiring—further out of reach. Stagnant wages, waves of layoffs in the tech sector, and geopolitical shocks driving inflation have all contributed to a sense of economic precarity.
A breakdown in trust
The survey points to a stark disconnect between young savers and the financial services industry. Over a third of Gen Z respondents (36%) said pension providers fail to properly communicate the benefits of saving for retirement. Of those, 27% believe firms are more interested in selling products than educating customers, while 16% are put off by jargon and complex language.
Around 20% said pension communications make the topic seem irrelevant and boring. This contrasts sharply with older generations: only 13% of Gen Xers and Baby Boomers felt providers didn't explain why pensions matter, compared with 29% of Gen Zers. Furthermore, 17% of Gen Zers said companies don't use the channels they actually engage with, versus just 4% of their elders.
Kirsty Ross, proposition director at People's Pension, argues that the industry is failing to speak the language of young people. "In a world where financial doom dominates pension conversations, young savers are tuning out," she said. "Our research shows they are not disengaged because they don't care, they are disengaged because the messages aren't working. Scare tactics and jargon are alienating the very people we need to reach."
Ross added that what cuts through is "honesty, simplicity and practical advice that shows how small steps today can have a huge impact tomorrow."
What could turn the tide?
The study also reveals what might encourage Gen Zers to save. Simple progress bars or goal trackers were cited by 31% as a helpful tool. Another 26% wanted reassurance that they could start with small amounts, while 23% asked for examples of what peers their age are doing. Clear, bite-sized steps appealed to 22%, and 19% said light-hearted, relatable stories would make a difference.
There is also a knowledge gap. Around 70% of Gen Zers said they would have saved if they had known that starting in their 20s could potentially double their retirement pot compared with starting in their 30s. Similarly, 63% were motivated by learning that tax relief and employer contributions could significantly boost their savings.
In response, People's Pension has launched a campaign called Pension Drop, using social media influencers and lifestyle personalities to get young people talking about pensions. Comedian and TV presenter Iain Stirling, a campaign ambassador, is candid about his own regrets. "Looking back, I really wish I'd started earlier. Putting something away in your 20s or 30s can make a massive difference later, we're talking tens of thousands of pounds," he said.
Stirling acknowledges the immediate pressures. "I get it, people are really struggling right now, money is tight, and even small luxuries like a takeaway can feel like a big deal." But he stresses that pensions aren't solely on the individual: "Your pension isn't all on you. Things like employer contributions and tax relief can give you a boost, so even small amounts go further than you think."
His practical advice for young Europeans: check who your pension provider is, consolidate multiple pots, and always contribute enough to get the full employer match. "It doesn't have to mean missing out today, just making smart moves so you don't miss out tomorrow," he said.
The rise of the NERDs is a symptom of a broader generational anxiety. As Europe leads global rankings for retiree travel, the continent's young workers are increasingly doubtful they'll ever enjoy such leisure. The challenge for policymakers and financial institutions is to rebuild trust and make long-term saving feel relevant—before an entire generation gives up on the idea of retirement altogether.
