Take some help from the market

The millennials in Fidelity’s analysis saw nearly a 32 per cent compound annual growth rate, the average amount the account grew each year, over the 10-year period reviewed. Fidelity says about 60 per cent of that was thanks to their own actions – those consistent contributions – and the rest due to market returns.

Those returns come from regularly investing in the market, whether through a pension scheme or other means, and then staying invested despite periods of volatility. But research has shown millennials tend to be wary of the stock market.

According to a Legg Mason survey from earlier this year, 85 per cent of millennials say they’re “somewhat or very conservative” when investing.

If you’re not sure how to invest or how much risk you can tolerate, some companies also provide employees with retirement planning guidance. Alternatively for those in the UAE, there are a number of investment groups that you can join to find out how other residents invest, such as the UAE Bogleheads Common Sense Personal Finance and Investing group.

The group is free to join and the best way to get in touch is by visiting its website at bogleheadsuae.wixsite.com/website or search for “Common Sense Personal Finance and Investing” on Meetup and Facebook.

Another option is wiseuae.com, an independent community for financial education and support.