As the UK's largest long-term savings and retirement business, we want to help meet the evolving needs of our customers, supporting them on their journey to and through retirement.
With many of us set to live longer lives than our parents and grandparents, we want to make sure that employment, retirement and savings are fit for the 21st century to help us all live better, longer lives.
Our research shows that only 14% of defined contribution savers are on track for a retirement income that maintains their current standard of living. And around 18 million people worry they’re not saving enough for the retirement they want.
By encouraging people to start thinking about their financial futures and advocating for broader societal change in areas such as employment, skills and social security, we can help everyone secure the best future possible.
For our Longer Lives Index we surveyed 16,500 people to explore their expectations and confidence about their financial wellbeing in later life. We found that, of the two thirds of UK adults who think they’re financially prepared for retirement, one in three are facing a pension savings shortfall of more than £100,000.
We know that people’s ability to save enough throughout their life depends on a wide set of circumstances – their work and skills, their health, their housing and their relationships with others.
And because we are the largest long-term savings and retirement business, we want to work with the government and other business leaders to make sure we’re all financially ready for longer lives.
People reached by our awareness campaing on longer lives and under saving for retirement
Customers given access to Money Mindset, an integrated financial wellness hub
As we live longer, many people will want to work for longer. That means we all need access to good work and opportunities to upskill throughout our careers, whatever our background, job or stage in life.
But changes need to be made to our current ways of working. To enjoy fulfilling work for longer, we need to the flexibility to reskill and make changes to our working patterns and careers.
Recruitment and employment policies need to be reconsidered to make sure we support all five generations we have in the workplace. Training and career progression needs to be inclusive of all ages and all life stages.
That’s why, through our longevity think-tank, Phoenix Insights, we’re advocating for change in working practices, careers advice and lifelong learning.
But we also put our beliefs into practice as an employer.
We are committed to being a gold standard inclusive and age-friendly workplace, the best place our colleagues have ever worked. Our focus on Diversity, Equity and Inclusion (DE&I) is central to this purpose.
One in three children born in the UK today will live to see their 100th birthday. This gives us years of new potential. It also means we need to rethink the linear lives led by previous generations. Our paths to retirement won’t look anything like our parents’ or grandparents’ did.
This means we all need to think differently about our futures, and the futures of those we care about. The first step to taking control is to talk. Let’s talk about savings. Let’s talk about pensions. Let’s talk about retirement.
Let’s talk about making the most of living longer.