By Samukelo Zwane
That's evident from the findings of FNB's 2026 Retirement Insights Survey. The responses show that nearly three quarters of under-60s now say they have a retirement plan - up from 60% in 2025. That is a strong shift, which reveals that retirement is becoming more visible, more urgent and more present in everyday financial decision-making. However, the research also shows that many people are still unsure whether what they have in place will be enough. They may own a product or have a broad idea of how they will fund retirement, but they still lack the structure needed to turn their often disjointed efforts into a coherent long-term plan.
This is because so many people still understand retirement planning in very narrow terms. For some, it means having a pension or provident fund through their employer. Others consider retirement preparation to be making sure they fully own their home, contribute to a retirement annuity, or put simply put some money into savings when they can. Each of these are aspects of retirement planning that play an important role, but none on its own is a complete retirement strategy. That's not to say that retirement products aren't important. The 2026 research shows a clear relationship between the products people hold and how prepared they feel for retirement. Consumers with more structured and diversified financial arrangements tend to report stronger levels of preparedness. However, relying too heavily on one source of future income, whether that is an asset that may be sold, a business that may or may not keep generating income, or a single savings product, can leave people exposed.
A strong retirement strategy should account for different needs at different stages of life. Long-term retirement products, such as pension funds, provident funds and retirement annuities, support disciplined preservation over time. Savings and investment products can provide flexibility and help customers respond to medium-term needs. Emergency savings reduce the pressure to dip into retirement assets when life becomes difficult. Insurance and risk products protect household finances when illness, death, disability or other shocks occur. And estate planning helps ensure that what has been built can be transferred clearly and efficiently. Of course, no two people will need exactly the same combination of these products. A young professional, a business owner, a parent supporting children and someone approaching retirement all have different priorities. So, a good retirement plan needs to change as life progresses and changes; and the products underpinning that plan may need to change too.
The 2026 research shows why clearer guidance is needed in this regard. Under-60s continue to face major barriers to saving, including unexpected emergencies, the rising cost of living and day-to-day expenses. In 2026, 24% of under-60s without a retirement plan said they did not know where to get savings and investment products, almost double the 13% recorded in 2025. So, people clearly need simpler pathways to the right products and better guidance on how to use and combine them. There is also a risk in confusing taking action by investing in a single product with being ready for retirement. For instance, a retirement annuity without emergency savings can come under pressure when unexpected costs arise. And a business income strategy without formal retirement capital may be vulnerable to market conditions, health issues or succession challenges. Also, while a home is obviously a very valuable asset, it is not always easy to convert that asset into income exactly when you need it.
With all that in mind, the strongest retirement strategies are ones that balance growth with access, flexibility with discipline, and today's needs with tomorrow's security. They are not built around a single solution, but rather through a series of informed decisions that work together over time. For retirement solution providers and advisers, the job that needs to be done now is to help people move beyond the often false sense of security that comes from having a single investment in place, and rather help them understand whether the different parts of their financial lives and retirement plans are working well together. Clearly, a growing number of South Africans are ready to take steps towards a more secure retirement. Now the retirement industry's responsibility is to help them ensure those are the right steps, in the right order, and in the right direction.
