Renovo

New Challenges Requiring New Solutions

Your people now face a retirement planning picture that is far more complex and pressured than ever before. And for employers, an increasing population of older workers creates a range of new challenges to deal with at organisational level.
Our Reinventing Retirement Solution

A complex retirement picture for your employees

The study reveals that employees are increasingly struggling to make firm decisions on when and how to retire. As 42% predict they will need to work out of necessity beyond state pension age, it’s clear that finances at the forefront of those concerns.

However, anxieties about retirement are by no means only financial:

36%
are concerned about maintaining physical health
39%
are concerned about understanding employment options pre- and post-retirement
20%
are concerned about losing their identity

A growing impact for employers

With their employees finding it increasingly difficult to navigate the later stages of their career and define their own path to retirement, our research revealed an increasing impact at organisational level too.

37%
of employers are concerned about the increasing uncertainty over when employees plan to retire
38%
are concerned over the challenges for effective succession planning
27%
are concerned about rising occupational health and wellbeing issues of employees staying in work for longer

Current approaches not meeting the need

With challenges for both employers and employees alike, pre-retirement support for employees is at alarmingly low levels in the UK with only 1 in 5 employers currently providing pre-retirement support.

And for those employees who have received support there are significant gaps in what is being provided by employers currently:
36%
received no support with financial education
42%
received no support on the timing of retirement
65%
received no support around later stage career planning
43%
received no support on adjusting to life in retirement
*All statistics are taken from Renovo’s independent report on pre-retirement support for employees in the UK, 2022. Initial survey questions were completed by 629 HR professionals and Company Directors. Of those surveyed, 253 respondents who currently provide pre-retirement support for employees were surveyed in more detail. Of 986 employees initially surveyed, 256 respondents who had utilised pre-retirement support from their employer within the last 5 years were surveyed in more detail.

Download the full Reinventing Retirement Report Today

Full Report
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