FNB has conducted its first-ever Retirement Insights Survey, providing valuable research on retirement in South Africa.
- The survey highlights reasons for disparities in retirement savings beyond apathy or income, using a segmented approach to understand financial well-being and retirement readiness across different income groups.
- The survey reveals that 89% of respondents plan to continue working or work part-time due to a lack of retirement savings.
- While 74% of respondents claim to have a retirement plan, many, particularly those in lower-income brackets, lack confidence in their plan’s effectiveness due to age and financial constraints.
- The survey shows that 39% of respondents without a retirement plan rely on alternative income sources such as selling assets, family support, or government social grants.
- FNB emphasizes the need for retirement planning to be prioritized on the national agenda and calls for accessible solutions and education to help consumers better plan for retirement.
- The survey indicates that 86% of respondents use bank savings accounts and 45% have a retirement annuity as part of their retirement planning.
- The findings suggest that respondents in entry-level, middle-income, and emerging affluent categories are unlikely to maintain their current lifestyles in retirement, while only affluent and wealthy respondents are more likely to do so.