4 Where we go from here

**If we're to champion inclusivity and foster better financial and social wellbeing for all, we must address three key challenges.**

Where we go from here

Our research reveals that many are doing what they can to protect their lifestyles, either by taking on additional jobs, returning to work, or cutting costs. What’s encouraging is that, to a large extent, pension savings remain largely untouched.

We can also see that the majority are looking for more certainty of income, highlighting the need to broaden support. For some, this may be through increasing their working hours or returning to work – placing a greater onus on employers. For others, this may mean accessing more appropriate retirement solutions that are better designed to deliver increased certainty.

What’s clear is that there is much work to do in this area. This is one of the reasons why Standard Life has partnered with the Organisation for Economic Co-operation and Development (OECD) in a joint research initiative. Through this, we want to encourage more active collaboration across the industry, with employers, advisers, and policymakers to help accelerate innovation in retirement income.

For the second year running, we found that most people are still doing little to no retirement planning, despite finding that there were clear emotional and financial benefits for those that do.

What’s more, we found this year that there is a level of over-optimism with people that don’t plan when it comes to investment risk, needing certainty of income, and attitudes to debt.

Against this backdrop, we need to do even more to actively promote the benefits of planning, whether this is through more interactive tools or more targeted communications. Last year, we made positive steps in these areas by launching a number of digital services that offer support, including Money Mindset, a financial wellness proposition that helps customers get a holistic view of their finances and set life goals, and a Homebuyer Hub designed to support first-time buyers.

Our research has highlighted a guidance and advice gap, as people continue to feel overwhelmed with what they receive, and less confident about their decision making. Yet we know that whether you do a great deal of planning or just a little, you’ll still have a more positive outlook on your future.

It’s concerning to see that the gap has widened between genders since our research last year, with women in particular at a disadvantage. We see that women are more anxious about their finances, feel less confident in their financial knowledge, and are less optimistic about how long they can support their retirement lifestyle. We must continue to tailor the support we offer to help women engage more with their financial planning.

Where people access advice and guidance varies. But wherever they turn to, it needs to be personal, relatable, and provided in a simple and engaging way for customers.

About our research

In August 2022, Standard Life commissioned an independent study that sought to understand consumer attitudes to pensions and retirement plans.

We wanted to bring to light what influences people’s ability to save for retirement and how they feel about the decisions they need to take now to plan for their financial futures. For those that have already retired, we wanted to learn about their experience of retirement so far.

The study questioned a total of 5,980 UK adults, with the data being weighted to give a nationally representative sample by age, gender, region and working status. The sample included 1,000 interviews to boost Asian and Black ethnic groups to provide a larger sample for analysis.

The research sample included UK adults aged 18 to 80 and covered a range by income, savings, region, gender, ethnicity, and other key attributes. This built on the research sample and topics from last year. In addition, we looked at some new areas for this year’s report, including auto-enrolment – which reached its 10-year anniversary – and the effects of the cost of living crisis.

We spoke to
5,980 people
over five
generations

We're here to help you

We offer a variety of content to help with financial wellbeing and money worries

We have a range of resources to help people improve their financial wellbeing, including support for everyday money worries, advice on where to get help with rising costs, and information on how to manage the financial impact of major life events.

Useful resources

Our charity partnerships

We’ve partnered with two charities – the Samaritans and Cancer Research UK’s Race for Life – to help people with their mental and physical wellbeing, as well as to raise awareness and vital funds.

Our wider research initiatives

We’re committed to staying close to our customers and what’s important to them through our research programmes, including Phoenix Insights. We also engage in a joint research initiative with the Organisation for Economic Co-operation and Development (OECD).

Getting in touch

Our Contact & Support hub provides details on the different ways peoplecan get in touch with us, including via phone or secure online messaging.