But the research also found millennials are more confident that their retirement preparations are on track than older workers.
It also found employees across all age tend to see 10 per cent as the right amount to contribute.
The research, conducted through a combination of qualitative and quantitative interviews across more than 1,000 Britons, found that 39 per cent of millennials feel their retirement saving is on track, compared to 21 per cent of those in Generation X, suggesting the early start given by auto-enrolment is creating a sense of retirement security for younger workers. The research found that over 80 per cent of millennials and Generation X workers answered positively to the question ‘is now a good time to be putting money away in a pension?’, compared to 78 per cent of 45 to 54-year-olds. BlackRock says this suggests people generally accept there is no point in delaying contributions.
BlackRock head of UK DC Claire Felgate says: “It is concerning to see that some employees are only putting in the minimum match because they think that their employer has set that figure because it is good for them.
“The data also shows that a 10 per cent contribution appears to be a figure people anchor around. This is cause for concern when a figure of 15 per cent is closer to what will give people a comfortable retirement.”