Well this isn’t great news. While select PS4 games will give a free next-gen upgrade for the PS5 version, not all games can carry over the save files from PS4 to PS5.
Several games have confirmed that will not be able to carry saves from PS4 to PS5. Yakuza: Like A Dragon was the first we saw. But now there’s more. Dirt 5 has confirmed that this is the case for game progression on PlayStation, but created Playground levels can carry over across console generation.
Shark RPG Maneater is getting a free next-gen upgrade to PS5, but has confirmed in the FAQ page that save files from PS4 won’t transfer over, as it’s considered as separate title with its own trophy.
However, there are exceptions. Cross-gen title Marvel’s Spider-Man: Miles Morales will get cross-gen saves. Your PS4 saves will transfer over to PS5.
At this rate, whether a PS5 game can bring your PS4 saves over is on a per-game basis. This is in contrast with what Xbox is doing. Their Smart Delivery tech not only lets you own the same game for various different Xbox consoles, but save files carry over seamlessly. And some PC titles by Microsoft also share the same save files with the consoles.
This situation is definitely not ideal for PlayStation, so for future PS5 owners, it’s better to assume that the games that have next-gen upgrades require a fresh new playthrough. Outside of some exceptions.