Meeting your younger self for coffee - the social trend that describes what people wished they’d known at a younger age

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• While personal growth is central to the trend, good financial habits have an important role to play in setting yourself up for future success
• Simple hack could boost your pension savings by over 100k from your early twenties

The past month has seen the ‘I met my younger self for a coffee’ trend take social media by storm, with people imagining what it would be like to go back in time and share lessons they’ve learned as they’ve got older.

While the trend has primarily seen individuals reflect on their personal growth and anxieties overcome with the benefit of a little perspective, research¹ from Standard Life, part of the Phoenix Group, highlights some of the key financial lessons older generations wish they’d known when they were younger.

Around one in six Baby Boomers (17%) wish they’d known they’d needed a larger pension pot than initially expected. Similarly, 16% claim they wished they’d planned their retirement more thoroughly. Meanwhile, two fifths of Gen Z (41%) and almost a third of Millennials (31%) admit they have yet to plan or think about how much money they will need to live on in retirement.

Small steps in your early 20s can boost retirement savings by over £100,000 over time

One of the biggest gifts you can make to your future self is to make a start on your savings. Standard Life’s analysis highlights that those who begin working on a salary of £25,000 per year and pay the minimum monthly auto-enrolment contributions (5% employee, 3% employer) from the age of 22, could have a total retirement fund of £210,000 by the age of 68, adjusted for 2% inflation. However, someone who prioritised pension saving right from the very start of their career, and increased their contributions to 12%, could end up with £315,000 in today’s prices. Someone who boosted their contributions at the age of 30 could still see a considerable, £84,000 uplift.

^{*assuming 3.50% salary growth per year, and 5% a year investment growth. Figures are reduced to take effect 2% inflation. Annual Management Charge of 0.75% assumed. The figures are an illustration and are not guaranteed. Earning limits not applied.}

Those who increase their contributions earlier in their career buy themselves the gift of time and the potential to harness the power of compound investment growth. Of course, putting money away today means there is less of it to meet immediate costs, but these figures highlight the challenge that delaying saving can create in the long run.

Dean Butler, Managing Director for Retail Direct at Standard Life, part of Phoenix Group said: “If you could sit down for a coffee with your younger self, there’d be plenty to talk about. After getting over the embarrassment of seeing each other’s hairstyles, you might tell them that you’re enjoying your career, or at least don’t hate it. You might discuss how your partner at university wasn’t that great anyway, that you finally become a morning person (or at least stopped missing your alarm), and that you stopped worrying so much about what everyone else might or might not be thinking about you. Life usually works out better than your worst fears.

“They would probably expect you to pay, so it would be a good chance to talk about your improved financial habits and what you had wished you’d known about money when you were younger. Retirement saving is one of the easiest things to forget early on, but time is one of the biggest advantages when it comes to pensions and younger you would likely be very thankful of the advice.”

Dean’s pension points to discuss with your younger self

Start early: “Even small, regular contributions in your 20s can lead to a much larger pension pot further down the line.”

Maximise employer contributions: “If your employer offers to match higher contributions, take advantage of it – it’s unlikely you’ll come across many better deals in life!

Increase contributions over time: “As your salary grows, consider raising your pension contributions too. If you increase your pension contributions as soon as a pay rise kicks in, you won’t notice the difference… until you look at your pension pot.

Think long-term: “Retirement might seem far away, but planning ahead gives you more options and a higher chance of a good standard of living in retirement.

Don’t put it off: “The earlier you save, the better position you’ll be in to choose when and how you retire.”

ENDS

 
Notes to Editors

¹ Ipsos Mori conducted research among 6,000 UK adults. Fieldwork was conducted between July and August 2024. Data was weighted post-fieldwork to ensure the data remained nationally representative on key demographics.

² Calculations assume the following:

Starting Salary	£25,000
Employer Contribution	3.00%
Employee Contribution	5.00%
Investment Growth	5.00%
Salary Growth	3.50%
Annual Inflation	2.00%
Annual Investment Cost	0.75%

³ Calculations are intended only for the sole purpose of providing an illustration regarding the projection of savings and pensions. They should not be used with the intention to give an accurate representation of real-world outcomes.

Enquiries

Libby Hendry/ James Merrick
Lansons/ Standard Life
07870 397537 / 07974 063067
sarahm@lansons.com / james_merrick@standardlife.com

About Standard Life

Standard Life is a brand that has been trusted to look after peoples’ life savings for nearly 200 years.

Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.

Standard Life is part of the Phoenix Group, one of the largest long-term savings and retirement business in the UK. We’re proud to be building on nearly 200 years of Standard Life heritage together.

Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options.

We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about.

The value of investments can go down as well as up, and may be worth less than originally invested.