UK Retirement Planning market report
Everything you need to make the right decisions
Providing the most comprehensive and up-to-date information and analysis of the Retirement Planning market, and the behaviours, preferences and habits of the consumer.
Mintel has the answers you’re looking for
What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
What you need to know
Retirement planning is becoming more important than ever. People are living longer, meaning they need more extensive, secure retirement funding to see them through a longer average retirement. Starting to plan and save earlier in life will allow people to prepare in the most gradual way, avoiding serious problems as retirement approaches.
However, many people say they are financially reliant on the other people in their lives to support them in retirement, whether through inheritance, support from their partner, or direct financial support from relatives. While these might be suitable as backup plans to feed into a retirement strategy, the inherent risks mean people may find themselves with a financial shortfall if they rely on them too much.
The government is keen to encourage employers and pension providers to take a more prominent role in retirement planning. Employers and pension firms have the opportunity to step up their involvement through initiatives such as the Pensions Dashboard or robo-advice services, which help to support their commercial goals and promote better outcomes for retirees.
This Report examines the retirement planning environment, looking at the impact of government changes and initiatives as well as the range of options available to those planning their retirement. Mintel’s exclusive consumer research asks how people expect their retirement savings contributions to change in light of expectations about how their standard of living is likely to change when they retire. A comprehensive array of savings and investment products is considered in line with alternative funding plans, such as inheritance and property investment, to establish different approaches to saving.
Expert analysis from a specialist in the field
Written by Patrick Ross, a leading analyst in the Finance sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
As people continue to live longer and the government moves to limit the burden on the state, effective retirement planning will become more important than ever before. Older people are working for longer, whether out of necessity or choice. Initiatives such as the Pensions Dashboard will help encourage people to save more, but there is a tendency to rely too heavily on others to help fund retirement.
Senior Financial Services Analyst
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