Young people will struggle to have the same standard of living in retirement as their parents

While paid more than their parents, younger workers won't be able to accumulate as much wealth out of their savings as previous generations

Younger people may earn more — but lower returns mean they may not be able to accumulate as much wealth out of their savings as previous generations. File Picture: Gareth Chaney/Collins

Younger generations will struggle to build up enough wealth for retirement and will face a lower standard of living once they finish working new research from the Central Bank has found.

With people living longer and most developed nations seeing growing numbers of older people, younger workers will face significant challenges in building up sufficient wealth to fund their retirement.