The future of global retirement
We launched Smart Retire to revolutionise the future of retirement and to help people retire their way. To accomplish this, we wanted to find out what people think about retirement. So, in partnership with YouGov, we surveyed more than 6,000 people across the UK, Australia and the USA in November 2020*.
Our research found that ‘control’ and ‘flexibility’ are two driving factors when it comes to decision-making about retirement savings:
- 47% of UK adults aged 55+ would prefer to manage all of their retirement finances themselves.
- However, a further 37% want some support: 7% want someone else to manage their retirement finances entirely, while 30% want some assistance but to remain involved.
- When asked what’s important when choosing a pension provider, 27% of all UK adults aged 55+ chose being able to change their income if their financial needs change, and 29% place importance on having the ability to withdraw lump sums whenever they may need to do so.
Those who are at retirement gave focus to the importance and impact of the way people access their pension savings.
- 66% of Australians and over 47% of people in the US and the UK public think their pension provider should offer online tools to assist with retirement planning.
- More than half of Australians, more than a third of Americans, and four in ten Brits expect to receive advice directly from their pension provider.
- More than half of Australians, 42% of Americans, and 46% of British citizens rate clear and simple communications as the most important factor when choosing a provider in retirement.
*All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 6,772 adults. UK (2,114 adults), US (2,654 adults) and Australia (2,004 adults). Fieldwork was undertaken between 19–26 November 2020. The survey was carried out online. The figures have been given an even weighting for each country to produce an ‘average’ value.