UK Retirement Planning market report
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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.
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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Covered in this report
This report provides a detailed overview of the retirement planning environment, examining the key market dynamics, the effect of recent legislative activity and the range of retirement funding options available. Mintel’s exclusive consumer research explores current pension ownership as well as the use of alternative retirement planning products and strategies.
Nonretired adults are asked about the steps they are taking to plan for retirement, and about any barriers that may be preventing them from engaging further. Finally, research into attitudes towards retirement and retirement planning uncovers valuable insight into the varying viewpoints of younger and older generations.
What you need to know
Changes to pension legislation and the switch from DB (defined benefit) to DC (defined contribution) schemes mean saving enough for a comfortable retirement has become more important and difficult than in the past. At the same time, the significant improvement in life expectancy has further complicated retirement planning. Longer retirements, which are naturally more expensive to fund, require people to accumulate more savings. As a result, many have come to terms with the fact that they may need to keep on working in some capacity after they’ve reached state pension age.
Despite these challenges, overall retirement planning activity among non-retired adults is still worryingly low. While true that auto-enrolment has had a positive impact on engagement, Mintel research shows that the quality of engagement needs significant improvement. Although many are hesitant to use them now, new technologies like the pensions dashboard and personalised advice powered by artificial intelligence have the potential to facilitate the type of engagement necessary for effective retirement planning.
Expert analysis from a specialist in the field
Written by George Zaborowski, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The considerable increase in pension ownership as a result of auto-enrolment has played a key role in boosting engagement in retirement planning. Nevertheless, there remains a dire need to further raise not only the overall level of engagement but also the quality of it. Few non-retired adults do much about retirement planning outside of checking the value of their pension. While new technologies like the pensions dashboard and automated advice can facilitate the type of engagement necessary for effective retirement planning, widespread adoption is unlikely in the near term.
Senior Financial Services Analyst
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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