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Today’s economic worries are taking a toll on people’s mental health and wellbeing.
So it’s no wonder that the majority are searching for more financial certainty. This is what 6,350 UK adults have told us in our Retirement Voice 2023 report.
Now in its third year, our annual report captures the voices of people from all walks of life – including those who take professional financial advice – to dig into how the nation is feeling about their savings and retirement.
What this year's report discovered
After another year of economic upheaval, you’ve probably been speaking to your clients about the ongoing financial pressure they may be feeling.
Yet for a third year in a row, our findings show that planning, guidance and advice can make a big difference to how people feel about their money and their future.
This is particularly true for those who get financial advice from an adviser. They’re routinely among the most positive about their current financial situation. And when it comes to life in retirement, advised groups are generally less weighed down by worry.
The benefits of connecting people with advisers is clear. And as economic uncertainty continues, this relationship is arguably more important than ever.
It’s vital that we as an industry look at ways to innovate and enable advisers to scale up their services – helping make professional financial advice as accessible to everyone as possible.
Three key insights
Our research covers a lot of ground. Here are three key takeaways that we think you – and your clients – will find most valuable.
1. People are seeking more certainty
Against the backdrop of economic uncertainty, 9 in 10 people want the security of a guaranteed income in retirement. But they’re also placing equal importance on having the flexibility to access some or all their money.
2. Financial stress is playing havoc with people’s wellbeing
Many are worried about their immediate financial situation, with 1 in 4 saying it’s caused sleepless nights and poor mental health. Retirement planning specifically is keeping 1 in 5 awake at night.
3. Retirement planning starts at age 36
The average age that people start planning is 36. But with the benefit of hindsight, many retirees wish they’d started saving earlier, and saving more.