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Following on from the findings of our longitudinal study of decision making at retirement – The People’s Pension and State Street Global Advisors (SSGA) have published a second report.
This second report further analyses the findings of the initial research, looking specifically at how your personality could affect your income in retirement.
The research itself was carried out by Ignition House, tracking 80 people over an eight-month period.
There was an initial report too, which was illuminating in its own right.
The ‘Pensions personalities’ report took the findings further, by identifying seven distinct personality types among people who are accessing their pension pots under the new freedoms.
The report outlines those personality types, and argues that three in particular are at unacceptably high risk of poor long-term outcomes.
It 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 three personalities that this research identifies as high risk are:
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 – to help people make the most of their money under the new pension freedoms.