read the report here
Are there generational differences in DC retirement readiness?
The report highlights differences and similarities between the generations as our survey participants were born between 1959 and 2012. Saving for retirement is one of many competing priorities with which all participants juggle.
The report highlighted that Gen Z and Millennial savers felt that they are off track but are also unable to prioritise retirement savings due to the cost-of-living crisis and competing life pressures, such as paying off student loan debt or saving for a house deposit.
Gen X and Pre Retirees felt they were able to prioritise retirement saving more so than the younger cohort and believe that their sponsor’s priority should be maximising scheme returns.
For Gen X, they worry that they could be the retirement industry's ‘lost generation’ as they sit between the shift from DB pensions to DC and may not have enough to retire comfortably.
For Pre Retirees, although more confident about retirement, need guidance on how to draw down and spend in their retirement. Only 11% of Pre Retirees have a clear understanding of the options available to them to generate income in retirement and 71% would value education on the options available to them.
76% of participants do not feel on track to achieve a reasonable standard of living in retirement
How are people feeling about retirement in the UK?
For many of us retirement brings a range of different feelings – with some of us feeling more ready than others. In BlackRock’s latest research, we surveyed 1,000 Defined Contribution (DC) members to understand retirement readiness, savings behaviour and consumer confidence.
The report highlights that the UK faces a retirement crisis especially as the first generation of DC savers approach retirement. We found that over 50% of participants cannot afford to save enough and 76% of participants do not feel on track to achieve a reasonable standard of living in retirement.
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In BlackRock’s latest research on retirement readiness, savings behaviour and consumer confidence points to a retirement crisis in the UK and highlights the competing priorities amongst generations.
Gavin Lewis, Head of UK and Ireland Institutional, BlackRock, shares insights on how different generations are feeling about their retirement and why the industry needs creative solutions to tackle the challenges these generations face.
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Gavin Lewis unpacks retirement readiness in the UK and how the industry can help solve these challenges
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INTRODUCTION
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How can the retirement industry help solve this challenge?
This report serves as a call to action for everyone in the pensions industry to come together to find creative solutions.
The industry must address the later life retirement conundrum. As individuals near retirement, they need more guidance and better solutions for generating retirement income. As people move through their life from the accumulation phase into decumulation phase of life they want to know how much they’re going to need in retirement, how to draw down from those funds, and when to spend it. Offering clear, simple information and options can help them make informed decisions.
Additionally, fostering greater engagement with pensions and educating people on the different levers they can pull to save for retirement is vital. Traditionally, engagement with pensions has been low. However, this trend is shifting, with 80% of participants recognising that contributing to a pension is the most effective way to save for retirement.
solving the challenge
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Generational differences
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Retirement in the UK
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Introduction
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Michael Dicks on the key contributors that underpinned PGIM Wadhwani Keynes Systematic Absolute Return Fund’s double-digit return in 2022
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