Press release Aegon survey reveals demand for targeted support among those approaching retirement

• Aegon's latest 'Second 50' research reveals that 64% of individuals aged 50-59 would be interested in receiving targeted support suggestions from regulated firms.¹
• Appeal is even stronger among younger clients, with 71% of those under 50 finding targeted support either ‘somewhat appealing’ or ‘very appealing’.
• Reinforces Aegon’s five core principles for the success of targeted support.

Aegon, a leading provider of retirement and investment solutions, has unveiled compelling insights from its latest report, "The Second 50: Navigating a Multi-Stage Life." The research highlights a significant demand for regulated firms to offer clients targeted support suggestions. 

These findings come as the government and FCA are consulting on future plans for regulated firms to provide 'targeted support', which would offer ‘people like you’ suggestions based on limited information about the individual and their financial situation. 64% of respondents aged 50-59 would find such strategies appealing. The enthusiasm is even higher among those under 50, with 71% of participants indicating their support.

A deeper dive into the data reveals that male respondents are slightly more supportive, with 69% finding the idea 'somewhat appealing' or 'very appealing’, compared to 60% of female respondents.

Targeted support is a key proposal of the Advice Guidance Boundary Review, under which the Financial Conduct Authority (FCA) and HM Treasury aims to bridge the gap between basic information or generic guidance and holistic advice.

Earlier this year, Aegon proposed to Government and regulators five core principles it considers essential for the success of targeted support: 

• Focus on core consumer needs including ISAs, pensions and protection, and excluding complex or risky areas. 
• Expand availability beyond manufacturers to include adviser firms and employee benefit consultants.
• Offered to help customers make the best use of existing products, as well as suggesting possible new purchases designed to deliver good outcomes.
• Offered proactively, rather than only when requested by consumers who very often don’t know what support they need and when.
• Accompanied by simple disclosures to explain the service and how it compares with advice and other forms of support. 

Steven Cameron, Pensions Director at Aegon, comments:

“Targeted support is the standout proposal from the Advice Guidance Boundary Review. Our latest Second 50 report shows that the combination of ongoing challenging economic conditions, increased life expectancy, and the need for individuals to manage their own finances has made regulated advice more crucial than ever and must be encouraged to thrive. However, millions find themselves caught between the ‘rock’ of comprehensive financial advice which can seem expensive, and the ‘hard place’ of unengaging generic information.

"Our research highlights a clear demand for more personalised financial guidance, with 64% of individuals citing they would find the concept of targeted support appealing. Within this, it's essential that our industry can offer a range of tailored support solutions that reflect the different financial situations of individuals as they approach retirement.

“We hope that the FCA and the Government will continue to prioritise closing the advice gap, with a strong focus on those in their Second 50 approaching and moving into retirement. An industry capable of genuinely supporting millions of savers and investors in enhancing their personal finances will benefit not only those individuals but the entire UK economy.”  

In addition to these insights, Aegon is pleased to announce the launch of a Second 50 CPD (Continuing Professional Development) program, designed to help meet structured CPD goals. This program is accompanied by questions to earn a CPD certificate which will help financial professionals to meet their structured CPD goals.