Following on from our study of decision making at retirement, this report, created with State Street Global Advisors, further analyses the findings of the initial research, looking specifically at how your personality could affect your income in retirement.
It identifies 7 distinct personality types among people who are accessing their pension pots under the new freedoms, and finds they are at unacceptably high risk of poor long-term outcomes.
The report calls for the industry to consider how best to support these types of pension savers in their decision making – to try to avoid people running out of money in retirement.
The idea is that, by understanding the lens through which retirement savers see the world, their goals and pain points, we can start to move away from a one-size-fits-all approach to truly creating personalised solutions. This would to help people make the most of their money under the new pension freedoms.