Has the pandemic impacted financial resilience?
Covid-19 has exacerbated and accelerated a wide range of issues challenges around savings and finance. Gender, racial and social disparities aren’t new issues, but the current straitened times have thrown them into stark relief.
The simple fact is that saving for the future will always seem pointless if today is a financial struggle month to month.
For some, savings of any type are a luxury they can’t afford with the demands of everyday life and the cost of living. As an industry we need to look at these barriers and understand what we can do with policy and products to help.
The Future Life: How can today’s savers prepare for tomorrow’s retirement?
While automatic enrolment into pensions has helped to increase the number of people saving for later life, it’s clear that adequacy, understanding, and affordability are all still major issues in ensuring a comfortable retirement, with disparity between groups in society – particularly those unable to get on top of today’s financial pressures - becoming more apparent.
At the same time, for those already saving into a pension, existing information is often not fit for purpose - for example, for a mid-life career-changer with a mortgage and retirement goals, the available options, information and advice can be disparate, confusing and lead to mistrust.
Pensions Policy Institute: Briefing Note
We’re proud to have worked with the education research organisation the Pensions Policy Institute (PPI) to consider today’s challenges, how to address these, and how current and future generations perceive and access lifetime savings.
And the secret to a fulfilling, longer life?
The full Briefing Note, sponsored by Capita, explores the five key characteristics to a happy future life - resilience, agility, wellness, financial capability and flexibility. Perhaps it’s time for us all to take stock of our own reserves of these – find out what we should all be doing by downloading the full briefing note.
One in ten UK adults reduced pension contributions due to financial strain caused by the Covid-19 pandemic.
The Briefing Note from the Pensions Policy Institute (PPI), sponsored by Capita, has laid bare the impact of the Coronavirus pandemic on people’s ability to save for retirement – with younger people and those from a Black, Asian and Ethnic Minority (BAME) background hardest hit. The Future Life Briefing Note explores how changes in the working and retirement landscape may affect the wellbeing of future pensioners.
