• Working longer or deferring accessing retirement savings is most common change advisers see in client behaviour.
  • How much to withdraw, passing wealth to younger generations and investment risk also feature.
  • But different clients may react in very different ways, emphasising value of individual advice.

New research by NextWealth for Aegon UK1 has shown widespread changes in consumer behaviour regarding retirement.

Advisers were asked what changes they had seen in client behaviours over the past 12 months due to the challenging economic climate. The research surveyed advisers on how often they observed specific changes amongst the majority, some, very few or none of their clients seeking retirement advice.

Over half of advisers indicated that some or the majority of retirement clients had made the following changes:

  • Stayed in work longer and / or deferred accessing retirement savings (68%).
  • Withdrawing more from their overall savings (61%) – although only 4% said this was the majority of their clients.
  • Reviewing the amount and / or timing of passing wealth to the next generation (59%).
  • Wanted to decrease their level of investment risk (53%) – although 36% noted they had seen clients increasing their investment risk.
  • Looking to guarantee some income through a combination of an annuity and drawdown (53%).

Steven Cameron, Pensions Director at Aegon UK, said:

“The challenging economic conditions of late have impacted most people, including those approaching or in retirement. This research shows just how widespread behavioural changes are, which in turn shows just how valuable retirement advice is, especially in times of change.

“Over two-thirds of advisers have seen clients working longer and / or deferring accessing their retirement savings. A delay of even a year or two can make a big difference to sustainable retirement income levels as a result of saving for extra years, having a longer period of investment growth and having fewer years of retirement to fund.

“While three-in-five advisers (61%) have seen some clients take more from their overall savings to get by, it’s reassuring than only 4% have seen this behaviour from the majority of their clients.

“For many, passing on wealth to future generations is a key objective for retirement savings, but it’s not surprising that three-in-five advisers (59%) have seen clients reviewing when or how much to pass on.

“It’s also interesting to see that different clients respond in different ways. While 53% of advisers have seen some clients reduce investment risk, 36% have seen clients take the opposite course of action to increase investment risk, perhaps to seek higher returns.

“The recent high interest rate levels and the corresponding rise in annuity rates may also have led to more clients seeking to guarantee some income, including through combinations of annuity and drawdown.

“Overall, the research paints a picture of many clients changing their behaviour around retirement, but in a wide variety of ways. This shows the important role advisers play in tailoring their advice to individual needs and preferences, particularly amongst those approaching or in retirement. This further emphasises that for many people in or approaching retirement, their ‘Second 50’2 can be uncharted territory.”


  1. NextWealth research for the sixth edition of the Managing Lifetime Wealth: retirement planning in the UK report. The latest research was conducted in November 2023, with 200 financial advisers.  Further details are available upon request.
  2. The Second 50: Navigating a multi-stage life. Aegon, launched in September 2023.


About Aegon

In the UK, Aegon offers pension and investment solutions to over 4 million customers. Aegon employs over 2,000 people in the UK and together with around 600 people employed by Atos, we serve the needs of our customers. Figures correct as at 31/12/2022. More information on aegon.co.uk

Aegon UK is part of the wider Aegon Group, based in the Netherlands, whose roots go back to the first half of the nineteenth century. Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection and retirement solutions. Its portfolio of businesses includes fully owned subsidiaries in the US, UK and a global asset manager. In addition, Aegon has partnerships in Spain & Portugal, Brazil, and China, which create value by combining strong local partners with Aegon’s international expertise. In the Netherlands, Aegon generates value via a strategic shareholding in a market leading insurance and pensions company.

Aegon's purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com


About NextWealth

NextWealth is a research, data and consulting business helping firms to adapt and thrive amid disruption. NextWealth’s customers are platforms, asset managers, technology companies and financial-advice businesses. More information can be found at nextwealth.co.uk


The information in this press release is intended solely for journalists and shouldn’t be relied upon by any other persons to make financial decisions.


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The Second 50: Navigating a multi-stage life

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