Retirement Planning - Thematic Research

Summary

Many of the retirement products and services currently available are no longer fit for purpose. As society changes and people live and work in different ways, so too must retirement planning evolve to provide more choice, transparency, information, and flexibility for customers. This report explores key trends and opportunities in the retirement planning market, and examines how new providers with different business models are encroaching on the space.

With the growing pension gap, aging populations, and heightened economic uncertainty, people are in more need of retirement planning advice than ever. Regulators are encouraging digitization to broaden access to retirement advice and encourage consumers to engage more purposefully with their financial future. Meanwhile, investors are making funds available for a market they see as ripe for disruption. Against this backdrop, incumbent wealth managers’ suite of products and services remain static and vulnerable to disruption. Retail banks also risk losing share to new entrants with more digital-first approaches to saving and retirements. People’s lives - how they live and how they work - have changed, and products and services must adapt and evolve to support this new reality.

Scope

• The publisher's modeling indicates nearly 30% of the global population will reach retirement age in the next 10 years across all key regions. These individuals will need more help with retirement planning than previous generations because of less income in real terms, a growing pensions gap, and an overall more difficult economic climate.
• Drip-feeding bite-size tips/insights via mobile can better connect consumers to their pension products, providers, and overall financial health - certainly far more than an annual dump of charts and text by post, as is common with most pension providers.
• Even among non-retired adults, the overwhelming majority are either not registered with their pension provider’s digital platform or log in less than once a month. Not even COVID-19 has driven a meaningful increase in engagement, suggesting that for most people pensions and their providers are largely disconnected from their day-to-day financial priorities.

Reasons to Buy

• Understand which technologies promise the biggest user experience improvements in retirement planning.
• Explore how macroeconomic developments are changing the shape of retirement.
• Identify where regulators are encouraging digitization in order to protect against “product push” and drive better market outcomes.
• Understand how customer channel and product preferences vary across different age groups and wealth segments.
• Identify which new entrants are going after which parts of the retirement value chain, and learn where incumbents are most vulnerable to disruption.