Pensions - Articles - Canada Life comments on IFS retirement research

 “Today’s research from the IFS shows the very real impact COVID-19 is having on retirement plans and aspirations across the country pushing some, and allowing others, to work for longer than expected. Societal changes have, and will continue to have an impact on the way we live in retirement and it’s essential that advisers recognise the changing advice needs this will create.

 “However, it’s not just the impact of coronavirus that is changing retirement needs. Our latest research shows that retirement experiences are already fragmenting, having been impacted by changes in how we spend our time, accumulate and spend wealth, the rise in individualism and the declining relevance of social norms. Unless the industry shifts its focus to support the clients that need them, we risk collectively missing out on the opportunity to enable these people to have better financial futures.”