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This means tackling the pensions savings gap and supporting people to have better financial futures through promoting financial wellness and the role of good work and skills.
As the UK's largest long-term savings and retirement business, we want to help meet the evolving needs of our customers, supporting them on their journey to and through retirement.
With many of us set to live longer lives than our parents and grandparents, we want to make sure that employment, retirement and savings are fit for the 21st century to help us all live better, longer lives.
To help people think differently about retirement, we aim to increase awareness of the pension savings gap and motivate people and policy makers to act. We do so through our brands and think tank, Phoenix Insights.
For our Longer Lives Index we surveyed 16,500 people to explore their expectations and confidence about their financial wellbeing in later life. We found that, of the two thirds of UK adults who think they’re financially prepared for retirement, one in three are facing a pension savings shortfall of more than £100,000.
We know that for some people, pensions are difficult to relate to, engage with and are not always affordable, and this is driving a pension savings gap.
With c.12 million customers, we believe we have a responsibility to work with the government and other business leaders to make sure we’re all financially ready for longer lives.
Our expectations of retirement are changing. Almost half (47%) of people expect to transition gradually into retirement according to research by Phoenix Insights.
Despite wanting flexibility at work, we also know that 9 in 10 of our customers want a guaranteed retirement income for life. Our research shows that only 14% of defined contribution savers are on track for a retirement income that they expect, that maintains their current standard of living and that is above what is deemed a minimum living standard. And around 18 million people worry they’re not saving enough for the retirement they want.
We want to help people to take the necessary actions to secure the financial future they want. We are innovating to provide them with both the flexibility and certainty as they transition to retirement. We want to offer the right products and digital tools, and by helping to remove the barriers people face when accessing their finances; helping people to and through retirement.
To save for retirement, we need to be able to work for as long as we want to, in jobs that suit our lives. We want to inspire people to think differently about work and retirement, and support them to act. That means we all need access to good work and opportunities to upskill throughout our careers, whatever our background, job or stage in life.
But changes need to be made to our current ways of working. To enjoy fulfilling work for longer, we need the flexibility to reskill and make changes to our working patterns and careers.
Employment policies need to be reconsidered by government, employers and individuals to make sure we support all the generations we have in the workplace. Training and career progression needs to be inclusive of all ages and all life stages and people need more support to think about what working practices suit their needs.
That’s why, through our longevity think-tank, Phoenix Insights, we’re advocating for change in working practices, careers advice and lifelong learning.
But we also put our beliefs into practice as an employer. We're committed to being a gold standard inclusive and age-friendly workplace, the best place our colleagues have ever worked. Our focus on Diversity, Equity and Inclusion (DE&I) is central to this purpose.
One in three children born in the UK today will live to see their 100th birthday. This gives us years of new potential. It also means we need to rethink the linear lives led by previous generations. Our paths to retirement won’t look anything like our parents’ or grandparents’ did.
This means we all need to think differently about our futures, and the futures of those we care about. The first step to taking control is to talk. Let’s talk about savings. Let’s talk about pensions. Let’s talk about retirement.
Let’s talk about making the most of living longer.
