Welcome to the first episode of “Retirement Reimagined,” a series of conversations exploring the latest FNB Retirement Survey and what it reveals about the average South African’s preparedness and attitude towards retirement.
In the first episode of our series, we investigate the findings of the 2024 FNB Retirement Survey with Samukelo Zwane: Product Head, FNB Wealth and Investments and Bheki Mkhize: CEO FNB Wealth and Investments.
One of the standout findings from the survey is that approximately 60% of respondents claim to have a retirement plan in place. While this figure seems promising, a deeper analysis uncovers that only 25% of these individuals have a retirement annuity, indicating a potential gap in effective retirement planning.
The survey also highlights that many people begin thinking about retirement much earlier than previous generations, with some starting as young as 27. This shift suggests a growing awareness of the importance of retirement planning among younger South Africans.
However, the survey also reveals a troubling reality: only 10% of retirees can truly claim to have retired comfortably, with the majority lacking sufficient funds to cover their basic needs. This discrepancy raises critical questions about the effectiveness of current retirement strategies and the need for better financial education and advice.
As we explore the attitudes of those over 60, it becomes evident that many are not fully retiring but rather seeking secondary careers or part-time work to supplement their income. This trend reflects a broader cultural shift in how we view retirement, not as a time to relax but as a phase to remain active and engaged.
The episode also addresses the anxiety surrounding retirement planning. Many individuals feel overwhelmed by the complexities of saving and investing for retirement. The survey indicates that access to financial advice significantly reduces this anxiety, underscoring the importance of guidance in navigating retirement options.
Looking ahead, we will continue to unpack these themes in future episodes. We will explore whether retirement planning is becoming a luxury and how rising living costs affect our ability to save for the future. Join us on this journey to better understand and prepare for retirement, ensuring that we can all look forward to a secure and fulfilling future.
This podcast series was created in partnership with FNB.