Retirement presents a challenging phase in people's lives, where managing savings and making crucial financial decisions can be daunting. Many individuals approaching retirement age are fraught with concerns about depleting their savings prematurely or making ill-informed financial choices. Additionally, a lack of understanding about available pension options further compounds the challenge.
Research conducted by YouGov on behalf of Smart revealed that 35% of UK adults either approaching retirement or already retired express a preference for self-managing their retirement finances. 7% of UK adults aged over 55, anticipating retirement or already retired, remain unsure about their financial management preferences during retirement. Furthermore, 20% of individuals in this age group lack comprehension about their financial options upon retirement. This aligns with broader research, indicating that people often neglect long-term retirement planning beyond their initial post-career phase.
Retirement is no longer perceived as a singular event; instead, individuals view it as a series of life stages where they seek control over their savings to achieve their desired lifestyle. Worryingly, 52% of all UK adults express concerns about the possibility of a restricted lifestyle during retirement, and 13% of those aged 55 and above, anticipating retirement, have postponed their retirement plans due to the impact of the Covid-19 pandemic.
Smart Retire strives to address these challenges by bridging the gap between financial providers and savers through innovative, user-centred design, offering a solution that empowers individuals to navigate the complexities of retirement planning.
You can find a brief 2-minute video from Smart here
, where you can listen to the subject matter experts talking about retirement problems and our approach.