It is not bad as long as you own stocks, which you can exchange into material goods.

Like some of my friends can afford a decent house, but prefer renting because it gives greater flexibility (they can rent a small flat in the center of the city in a walking distance to the office and meet with friends often while they don't have children instead of investing into big house in the suburbs with empty rooms they wouldn't use).

But if you own nothing and don't save, this is bad.

The UK did a great thing last year, they increased to minimum payment to private pension (equivalent of US 401k) to 8% of salary, so even irresponsible people will have some savings at retirement age. And I think the UK should continue gradually increasing these contributions.

> even irresponsible people will have some savings at retirement age

Ah, there are enough loopholes that a lot of people still won't end up with any savings at retirement age.

There are a lot of self-employed people in the UK, at the low end of pay (gig workers, freelance cleaners, graphic designers, etc) and high end (consultants, IT contractors etc), and bootstrapping entrepreneurs (pay all over the place). The pension 8% doesn't apply to any of them.