Product providers and financial advisers will be presented with considerable opportunities from the ‘at-retirement' market in the next five years, Watson Wyatt predicts.
The firm says the UK at-retirement market for financial products will grow by over 60% to £23.1bn from £14.1bn during the next five years. This is due to the increasing number of people coming up to retirement in the next five to ten years. The firm also anticipates the non-pension assets of those reaching retirement, which include residential property equity, cash deposits, life investment bonds, will increase. These non-pension assets are approaching four times the size of the accumulated pensions savings and this gap is predicted to remain over the medium to long-term. Andy...
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