Whatever our age, and with the right support, we all have the power to do something different. We brought Stacey and Rachel together to talk about switching careers and preparing for the future.
Everyone's view of their future is different. Not everyone wants to, or can, retire in their mid-sixties, and the way they save will be influenced by the twists and turns their lives take. We brought Stan and Ann together to talk about trying something new and choosing a different path.
To enjoy fulfilling longer lives, we believe we all need to think differently about our futures and the futures of those we care about. We brought Leila and Jack together to talk about balancing work, life and preparing for the future.
Life today is very different to previous generations. Crucially, we’re living far longer, unlocking opportunities our parents and grandparents never had. So why do we still imagine our retirement journey will look like theirs?
With as many as 1 in 3 children born in the UK today set to live to their 100th birthday, it’s clear that how we think about traditional employment, retirement and savings needs to change. Otherwise, too many people could be left unprepared for the future.
As the UK’s largest long-term savings and retirement business, we want to help drive this change. We’re doing this by working with the government and other businesses to ensure the system is fit for the 21st century.
But that doesn’t mean you have to wait. To enjoy fulfilling longer lives, we all need to think differently about our futures, and the futures of those we care about.
We know it’s not easy, but the first step is to talk. It could be the most important conversation you’ve never had.
In this article we delve deeper into how someone could end up with a savings gap and advocate for increased access to information and guidance about both their finances and their careers.
The employment, learning and savings structures in place haven’t been built around the reality of our longer lives. This can leave people with less than they need to achieve the retirement they want, when they want it. It’s this potential shortfall that we call the pension savings gap.
On average, we're living longer than previous generations. This means we need to think about how and when we work and save for the kind of retirement we want. That’s why it’s important that we start thinking about work in different ways.
Nobody has all the answers. Yet. We’re navigating the opportunity of longer lives for the first time in human history. The first step is to ask the right questions. Together we can help you prepare for the career and retirement you want.
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We are the UK’s largest long-term savings and retirement business with around 12 million customers and over £280 billion assets under administration. It’s our mission to help everyone work towards retirement and stay with them for the whole journey.
It’s going to take different ways of thinking to achieve the retirement we all want. Our aim is to transform the way society responds to the possibility of living longer by starting conversations and inspiring the action needed to make better, longer lives a reality for us all.
Our resources
The research behind our insight:
* Includes those aged 50-64 who are either Unemployed (239,700) or who are Economically Inactive and want a job (526,600)
Phoenix Group is the brand name of Phoenix Group Holdings plc, its subsidiary companies and brands.