UK Retirement Planning Market Report 2023
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Mintel’s UK Retirement Planning Market Report examines consumer attitudes towards retirement planning, provides an overview of the UK pension market and upcoming regulatory and legislative changes.
Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.
Workplace auto-enrolment has dramatically improved pension participation in the UK. Over three-quarters of UK adults own a private pension and 46% are making contributions, with participation rates highest among the 35-44 year olds.
However, the ongoing cost-of-living crisis means most consumers are feeling the squeeze on their income. This is limiting people’s saving capability, including their ability to contribute to a pension. In 2022, Mintel’s market research found that almost half of over-45s said they had less money available to put towards retirement as a result of rising inflation.
While many people have made some retirement plans and preparations, a large number of them overlook one of the most important elements of retirement planning for those with a pension: completing a death benefit form. Mintel found that only 41% of pension savers had completed a form. This speaks to a wider trend in retirement planning in general: procrastination. Psychological barriers such as this are arguably the biggest threats to the retirement planning market. Many people are interested in making preparations for their retirement and later life, but few actually get around to working out concrete plans and putting them into action. They need nudging, guidance and effective shortcuts.
Purchase our full UK Retirement Planning Market Report for a comprehensive overview of consumer attitudes towards planning for retirement, including the products they are using and the preparations they are making. For further information on retirement income products, take a look at our UK Annuities and Income Drawdown Market Report.
This report, written by Sarah Hitchcock, a leading financial services analyst, delivers in-depth commentary and analysis to highlight current trends in the UK retirment planning market and add expert context to the numbers.
There is ample scope to expand the market for retirement planning and advice. 40% of pension savers are interested in paying for personalised advice about their retirement plans, most of whom have not sought advice before. Pension providers and advisers have an opportunity to leverage technology to convert this interest into positive action and engagement, at low cost to the consumer.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.