INVESTMENTS & PENSIONS
WHAT ’ S DRIVING THE DEMAND FOR RETIREMENT ADVICE IN 2024 ?
Retirement advice will continue to be significant to financial advisers in 2024 , with advisers estimating 53 % of the assets they advise on personally are for clients receiving retirement advice . This is , however , a slight decrease from the 58 % reported in 2023 .
This article shares a summary of the NextWealth research – which at Aegon we ’ re delighted to sponsor for the sixth edition of the ‘ Managing Lifetime Wealth : retirement planning in the UK ’. We focus on the drivers that advisers believe will lead to an increase in demand for advice in 2024 . This is contextualised by client objectives and concerns , regulatory changes and the current economic outlook .
Unless otherwise stated , the statistics throughout this article are from the sixth ‘ Managing Lifetime Wealth : retirement planning in the UK ’ report . The study was conducted with 200 advisers in November 2023 .
THE TOP THREE DRIVERS OF RETIREMENT ADVICE IN 2024
The factors contributing to the continued demand for retirement advice have evolved in the last year . In 2023 , the key reasons were the cost of living / market volatility and changes to social care funding . While the current economic environment remains an important factor , the delay in social care reforms has likely contributed to its decline in priority in this year ’ s results .
Here are the top three factors driving demand for retirement advice according to advisers .
1 . An ageing population and medical advances ( 67 %)
People are living longer . Life expectancy at birth has steadily increased in England and Wales since 1841 , and 1 in 4 babies born in the UK today can expect to live to almost 1001 .
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