Mintel’s UK Retirement Planning Market Report examines consumer attitudes towards retirement planning, provides an overview of the UK pension market and upcoming regulatory and legislative changes.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Workplace auto-enrolment has dramatically improved pension participation in the UK. Over three-quarters of UK adults own a private pension and 46% are making contributions, with participation rates highest among the 35-44 year olds.
However, the ongoing cost-of-living crisis means most consumers are feeling the squeeze on their income. This is limiting people’s saving capability, including their ability to contribute to a pension. In 2022, Mintel’s market research found that almost half of over-45s said they had less money available to put towards retirement as a result of rising inflation.
While many people have made some retirement plans and preparations, a large number of them overlook one of the most important elements of retirement planning for those with a pension: completing a death benefit form. Mintel found that only 41% of pension savers had completed a form. This speaks to a wider trend in retirement planning in general: procrastination. Psychological barriers such as this are arguably the biggest threats to the retirement planning market. Many people are interested in making preparations for their retirement and later life, but few actually get around to working out concrete plans and putting them into action. They need nudging, guidance and effective shortcuts.
Purchase our full UK Retirement Planning Market Report for a comprehensive overview of consumer attitudes towards planning for retirement, including the products they are using and the preparations they are making. For further information on retirement income products, take a look at our UK Annuities and Income Drawdown Market Report.
This report, written by Sarah Hitchcock, a leading financial services analyst, delivers in-depth commentary and analysis to highlight current trends in the UK retirment planning market and add expert context to the numbers.
There is ample scope to expand the market for retirement planning and advice. 40% of pension savers are interested in paying for personalised advice about their retirement plans, most of whom have not sought advice before. Pension providers and advisers have an opportunity to leverage technology to convert this interest into positive action and engagement, at low cost to the consumer.
Sarah Hitchcock
Associate Consultant – Financial Services
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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