The average pensioner is as well off as the average worker, not richer and is that really a surprise that peoples wealth increases the older they are ? In the same way that the average 18yr old is poorer than the average 30yr old.
You want people to somehow take retrospective responsibility for their retirement ? Telling people to take retrospective responsibility is a bit like telling someone now, that 15 years ago they should have bought a thousand pounds of Bitcoin or Nvidia shares. Great with hindsight, so why didnt you do it ?
The younger generation can make amazing choices now because the platforms exist to do so. Even as late as the early 2000s, if you wanted to buy or sell shares you needed to contact a broker who would take a sizeable comission and not be remotely interested in dealing with the sums of money which normal people had and buying fractional shares was not possible.
From the 60s to the 80s the stock market pretty much went nowhere, it was only from the mid 80s that it started to grow. Even then you were picking individual stocks and shares as there were no ETFs.
Whilst final salary pensions were available most private businesses stopped them in the late 90s. So if you changed jobs you were likely to go into a defined contribution scheme at which time the rules about minimum contributions and even the employer offering one were non existent.
For those working in finance or from affluent backgrounds it was great, but for the masses; stocks, shares, gilts and the like were a complete mystery. There was no YouTube or simple guides to investing, even now the vast majority of people dont understand investments and thats with millions of hours of free videos, courses and even the likes of Martin Lewis on TV, so what chance did people have back then.
Then you have the question of well why not invest your money now, unfortunately unless you have a big dose of luck, over short periods of time stock markets are very risky but over longer periods the risk becomes vanishingly small. One thing the elderly dont have is time, so relying on growth in the stock market to cover expenses in the next 2 years causes massive exposure to sequence of returns risk which people who are a long way from retirement dont have.
What should be done, well the triple lock should really be changed to a double lock only, so removing the incremental base increase of 2.5% in years when inflation and wages growth are very low. Doing so would save £5Bn per year but it would need to be done after a certain cut off age. In addition as I mentioned on a different thread, creating a wealth fund by using assets of the crown estate, remaining stakes in banks from the 2008 bailouts and the significant overfunding in many local government pension schemes would create a sizeable fund. This could be invested in growing the UK and negating the welfare spending crisis plus improving the UK for the better going forwards. Based upon publicly available figures the yield from such a fund would be in the order of £30Bn per year in todays money. This is not a pie in the sky proposal either, but one which has been proposed by the Institute for Public Policy Research and others.