UK Retirement Planning Market Analysis
The UK Retirement Planning Market has seen significant developments, driven by both consumer sentiment and structural changes. Historically, pension participation has remained flat, with over 23 million DC pension plans in accumulation by the end of March 2023.
The Retirement Planning Industry performance has been closely tied to economic factors, with financial wellbeing and confidence showing signs of recovery in Q2 2025. Pension pot sizes have grown, although a significant portion of pots accessed for the first time (around 53%) are fully withdrawn. The growth of annuities, spurred by higher interest rates in 2023 and 2024, reflects increased consumer interest. However, there is limited engagement with retirement advice, especially for smaller pots, with only a third of first-time accessed pots involving professional advice. Looking forward, the Pensions Schemes Bill 2025 and the Pensions Dashboard Programme (by October 2026) are expected to address barriers to access and increase market transparency, while targeted advice and simplified guidance are anticipated to close the advice gap. These regulatory shifts, combined with consumer demand for more accessible retirement planning tools, are set to reshape the market, and improve consumer engagement in the UK Retirement Planning Market.
UK Retirement Planning Market Trends
Consumer trends in the retirement planning industry in the UK reflect a recognition of the importance of saving, but with a complex and often fragmented approach. While more than half the non-retired Brits prioritise retirement planning, many are still balancing it against immediate financial goals, with over 40% of private renters prioritizing buying a home as a goal in the next 5 years and nearly 16% buying it over investing in pensions. Cash savings are the most common source of retirement funding, particularly among those aged 55+. Additionally, gender disparities persist, with women less likely to have substantial pension pots than men, despite near-parity in membership rates. There’s a clear demand for simplified advice and targeted support, especially for those with lower-value pots, as almost 25% of non-retired holders still don’t know the value of their pensions, rising to 36% of over-55s, highlighting a concerning lack of engagement with pension information. Consumers are inclined to seek guidance from financial advisers, with expectations for professional advice despite skepticism toward free online guidance. The market shows a multi-source approach for retirement funding, as nearly half of Brits anticipate using multiple funding streams like state pensions, cash savings, and non-pension investments.
Purchasing the UK Retirement Planning Market Report 2025 reveals generational differences, with younger generations focusing on pension tracking and consolidation, while older consumers rely on cash savings and state pensions. The report also explores how proposed regulatory changes, including targeted support and simplified advice, are anticipated to help providers better meet diverse consumer needs in the Retirement Planning Market.
About The Report
The UK Retirement Planning Market Report 2025 provides valuable insights into the evolving retirement planning industry, highlighting consumer behaviours, trends, and the impact of financial well-being on retirement saving. Key areas surveyed include pension ownership, retirement funding sources, consumer attitudes toward retirement planning, and the demand for advice and guidance. The research also explores the role of financial advice, the impact of economic factors, and emerging regulations such as the Pensions Schemes Bill and the Pensions Dashboard. This report will benefit pension providers, financial advisers, policy makers, and marketers by offering a comprehensive understanding of consumer needs, preferences, and opportunities for growth in the retirement planning sector.
Key Topics Analysed in the Report
- The market environment for financial advice, including discussion of the impact of household financial wellbeing, and the pending introduction of targeted services.
- Consumers’ retirement saving plans, including pension ownership and the preference for cash savings to assist in retirement funding.
- Retirement planning activities, including how scepticism in the quality of retirement guidance is limiting uptake of free guidance.
- Consumer attitudes towards retirement and retirement planning.
| Report Attributes | Details |
|---|---|
| Published Date | July 2025 |
| Data Range | 2019-2027 |
| Measurement Metrics | Revenue in £ |
| Country Focus | United Kingdom (UK) |
| Consumer Data | 1,965 internet users aged 18+, April 2025 |
| Number of Pages | 60 |
| Market Segmentation | Workplace Pensions, Personal Pensions, Self-Invested Personal Pensions (SIPPs), Non-Pension Investments, Cash Savings, State Pension, Equity Released from Property, Inheritance, and Annuities. |
| Leading Companies | Fisher Investments, Interactive Investor, MoneyHelper, Pension Wise, Aegon, Aviva, and NOW:Pensions |
Meet the Expert Behind the Analysis
This report was written by Rich Shepherd. Rich first joined Mintel in 2013 and oversees Mintel’s UK Financial Services, Consumer Lifestyles and Media Reports. He is also responsible for Mintel’s social and economic research in the UK and writes Mintel’s quarterly Economic Outlook Reports. Rich holds a BA (Hons) in Sociology and a Masters degree in Social Research.
Most Brits are aware of the need to actively save and plan for retirement, but too few are accessing sufficient advice and guidance services.
Rich Shepherd
Category Director – Financial Services and Social Research
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EXECUTIVE SUMMARY
- Opportunities for the retirement planning market
- Retirement planning must fit alongside other financial goals
- Retirement planning is a priority at all ages, so long as people can afford it
- Targeted support and simplified advice are much needed
- Market dynamics and outlook
- Consumer sentiment finally shows signs of sustained recovery
- Graph 1: the financial confidence index, 2020-25
- Graph 2: the financial wellbeing index, 2020-25
- Half of DC pots accessed for the first time are fully withdrawn
- Targeted support will revolutionise retirement advice
- What consumers want and why
- Pensions are the default savings vehicle
- Beyond pensions, many Brits look to cash savings to fund retirement
- Graph 3: use and expected use of select non-pension sources of retirement funding, by age, 2025
- Interaction with pensions is usually limited to checking balances
- Brits are more likely to plan to use a financial adviser than seek free guidance
- Most Brits are confident making retirement planning decisions
- Graph 4: attitudes towards retirement planning, 2025
- Innovation and marketing
- Significant increase in advertising expenditure on pension and retirement planning
- Graph 5: total above-the-line, online display, social media and direct mail advertising expenditure on pensions and retirement planning, 2020/21-2024/25
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MARKET DYNAMICS
- Market overview
- Regulated advice in retirement planning is part of the wider advice landscape
- Financial advisers dominate the regulated advice space
- DC pensions are the primary retirement savings product
- Graph 6: number of DC plans in accumulation at end of March, 2018-23
- More work is needed to prompt higher savings
- Half of DC pots accessed for the first time are fully withdrawn
- Annuities continue to be boosted by higher rates
- Large scope to increase take-up of at-retirement advice
- Graph 7: use of advice and guidance when accessing DC pension pots, 2023/24
- Market drivers
- Real wage growth has eased some of the pressure on household finances
- Graph 8: CPI and average wage rises, 2021-25
- Consumer sentiment finally shows signs of sustained recovery
- Graph 9: the financial confidence index, 2020-25
- Graph 10: the financial wellbeing index, 2020-25
- Base rate cuts offer help for borrowers
- The ageing population puts increasing importance on retirement planning
- Graph 11: population, by age, 2005-65
- Targeted support will revolutionise retirement advice
- The Pension Schemes Bill 2025 reaches its second reading, with a focus on improving value for savers
- Progress made on the Pensions Dashboard Programme
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WHAT CONSUMERS WANT AND WHY
- Pension ownership and participation
- Workplace pensions dominate retirement savings
- Graph 12: pension ownership, 2025
- Women have almost reached equality in pension membership, but lag behind in value
- Providers continue to campaign on closing the gender pension gap
- £10,000 lower-earnings threshold for auto-enrolment remains a barrier to pensions saving for part-time workers
- Enhance convenience to engage self-employed and temporary workers
- Graph 13: pension ownership, by employment type and type of pension, 2025
- Most pension holders are contributing to their funds
- Graph 14: pension contributions, by age, 2025
- Value of pension pot
- Providers must prompt higher contributions
- Graph 15: value of pension pots, 2025
- Fund size grows with age, but so does uncertainty
- Graph 16: value of pension pots, by age, 2025
- Renters struggle to fund multiple financial goals
- Graph 17: value of pension pots, by housing situation, 2025
- Non-pension sources of retirement funding
- Cash savings lead a range of non-pension retirement funding plans
- Graph 18: use and expected use of non-pension sources of retirement funding, 2025
- Lifetime ISAs remain a positive vehicle for retirement savings
- Over-55s focus more on cash and the state pension, but less open to relying on property wealth
- Graph 19: use and expected use of select non-pension sources of retirement funding, by age, 2025
- Few are relying on an intergenerational wealth transfer
- Around half of Brits take a patchwork approach to funding retirement
- Graph 20: number of non-pension sources of retirement funding people expect to use, 2025
- Retirement planning activities
- Almost half of Brits have sought retirement planning advice
- Total wealth is a better predictor of advice use than the value of pensions
- Graph 21: use of a financial adviser for pensions/retirement planning/at-retirement options, by value of non-pension savings and investments, 2025
- Active engagement with pensions is rare
- Graph 22: retirement planning activities and expectations, 2025
- Improve awareness and perception of guidance services
- More transient career paths raise interest in pension tracking and consolidation among younger groups
- Attitudes towards retirement planning
- Half expect to speak to a financial adviser about retirement planning in the future
- Graph 23: attitudes towards retirement planning, 2025
- Financial situation is more influential on prioritising retirement planning than age
- Uncertainty and financial vulnerability are barriers to serious retirement planning
- Pension wealth, retirement confidence and retirement prioritisation are closely linked
- Graph 24: response to the statement ‘I feel confident making decisions about my retirement’, by value of pension pot(s), 2025
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INNOVATION AND MARKETING TRENDS
- Advertising and marketing activity
- Significant increase in advertising expenditure on pension and retirement planning
- Graph 25: total above-the-line, online display, social media and direct mail advertising expenditure on pensions and retirement planning, 2020/21-2024/25
- Fisher Investments promotes its bespoke retirement advice services
- Interactive Investor strengthens advertising to promote pensions
- TV continues to dominate…
- Graph 26: proportional distribution of above-the-line, online display, social media and direct mail advertising expenditure on pensions and retirement planning, by media type, 2020/21 – 2024/25
- …followed by social media
- PensionBee continues its mission to make people ‘pension confident’
- Scottish Widows raises awareness of the pension gap
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APPENDIX
- Supplementary data
- Above-the-line, online display, social media and direct mail advertising expenditure on pensions and retirement planning – sub-categories
- Fisher Investments and Interactive Investor ramp up advertising spend
- Interactive Investor’s adspend on pensions and retirement planning
- Report scope and definitions
- Report scope
- Abbreviations and terms
- Methodology
- Consumer research methodology
- Nielsen Ad Intel coverage
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