Retirement Planning - UK - January 2017

Retirement Planning - UK - January 2017

  • Mintel
  • January 2017
  • Banking
  • 0 pages

Report Description

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Too many people have a negative view of retirement, with many expecting their generation’s retirement to be less comfortable than both those who came before and those to follow. However, increases to minimum auto-enrolment contributions are likely to show many that they could afford to save more, hopefully prompting above-mandated voluntary increases to savings.

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Table of Content

Overview

What you need to know

Executive Summary

The market
More pensioners, more pressure on the state pension
Figure 1: Expectation of life, principal projection, UK, 1981-2062
Auto-enrolment continues to increase workplace pension ownership
Figure 2: Pension provisions of UK workers, by type of pension, 2010-15
The consumer
Pension ownership rises but savings and investments stay largely stable
Figure 3: Savings and pension product ownership, October 2016
Figure 4: Investment product ownership, October 2016
Savings accounts and ISAs expected to play a large role in retirement
Figure 5: Products expected to be used to fund retirement, October, 2016
Most workplace pension contributors are paying in the minimum amount
Figure 6: Current workplace pension contribution levels, October 2016
Face-to-face is the preferred channel for professional advice
Figure 7: Interest in different channels for receiving retirement advice and guidance, by types of advice and guidance, October 2016
Two fifths plan to save and invest in the same manner after retiring
Figure 8: Post-retirement saving and investing plans, October 2016
Funding retirement is a concern for many but a priority for few
Figure 9: Attitudes towards retirement planning, October 2016
There is little optimism surrounding retirement
Figure 10: Attitudes towards retirement, October 2016
What we think

Success Stories

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