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1 in 3 children born today have a good chance to live to 100.
We’re fortunate to be living longer than previous generations. We get more time to spend doing the things we care about, with the people we care about. What could be better?
But there’s a problem: the employment, learning and savings structures in place haven’t been built around the reality of our longer lives. This can leave people with less than they need to achieve the retirement they want, when they want it.
It’s this potential shortfall that we call the pension savings gap.
Through our family of brands and in-house think tank, Phoenix Insights, we're campaigning to increase awareness of the pension savings gap and what is driving it, and we will motivate people and policymakers to act. We are using our scale and position to reach millions of people to encourage them to start thinking and talking about retirement.
We know that for some people pensions are difficult to relate to or engage with, and this is driving the savings gap. So, through Phoenix Insights we are seeking to improve our understanding of people’s knowledge of pensions, what their expectations are for retirement, and how prepared they are. We are using our research to provide ongoing evidence to support key policy changes.
Measuring the gap
Many people working today face a huge challenge when it comes to planning and saving for their financial security in retirement.
Using our Phoenix Insights Longer Lives Index data – a survey of 16,500 people aged 25 and over who aren't yet retired - we explored the adequacy and achievability of people’s retirement income.
Adults in the UK aren't saving enough for retirement
Of defined contribution pension savers are on track for the retirement income they want
Of those who think they're on track, are actually facing a shortfall of more than £100,000
The gender pay gap and impact of women’s life events - such as motherhood or caring for elderly relatives - don’t only affect their finances today. This is because lower earnings result in lower pension contributions over time.
We want to work with industry leaders to shape how best to engage with ethnic minority groups. Together, we can help identify and address the causes of the retirement funding gap in many communities.
We think we need to reshape the systems that support us, to enable people to live better longer lives. And our research shows there are key areas that could make a big difference.
This should include widening auto-enrolment coverage; enhanced focus on financial literacy for people of all ages; and greater access to free financial guidance.
Additional defaults should be explored, such as auto-escalation of pension contributions when salary increases.
We need to create better opportunities for good work and ensure that there is a safety net such as the state pension for those who most need it.
We have already implemented a range of policies and recommend that employers, where possible, follow our example by:
As we are living longer than previous generations, being prepared for retirement has never been more important. So, we wanted to find out just how ready people are for retirement across the UK.
We polled 2,500 workers aged over 45 across the UK to see what differences there are in how people are financially preparing for retirement, and what their expectations are for when they stop working.
