Financial security in retirement survey
August 2016 – Results to date
CFFC 2016 Review online survey
Survey research method
As part of the 2016 Review of Retirement Income Policies the Commission for
Financial Capability has undertaken survey’s on monthly review topics. In August the
theme for the month was ‘Vulnerable groups’ and factors that affect financial security
in retirement.
Survey method
 Survey Monkey self-directed online survey
 Results from 8 August – 5 September 2016. Note the survey is still running.
 13 questions including demographics
 Total responses to date: 1,361
 Base size varies by question number
2
Concern about financial security in
retirement
How concerned are you about your financial security in retirement?
Answered: 1,022
3
Retirement standard of living
Is your retirement standard of living or do you expect your future retirement standard
of living, to be much higher, slightly higher, about the same, slightly lower or much
lower?
Answered: 1,127
4
Factors affecting financial security
We are investigating some of the things that might affect people's financial
situation. Tick any of the following that relate to your situation.....
Number of respondents that selected each answer option shown in chart
Answered: 1,010
I expect to rent long-term
I have a long term disability
(lasting 6 months or more)
I find it difficult to learn new skills
I am concerned about my job
security
I find it difficult to save
I have no retirement savings or
investments
I live alone and have contact with
people outside my home less than
once a week
None of the above apply to me
14.3%
8.3%
3.7%
10.9%
17.9%
16.6%
4.3%
57.5%
5
Improving financial security in retirement
What do you think would improve your financial security in retirement?
Answered: 763. Number of respondents that selected each answer option shown in chart
Retraining or getting some
new skills
5.9%
Finding some more work or
better paying work
Saving more
15.3%
Saving to buy a house
Moving to a cheaper place
Spending less
Getting some advice on
planning for retirement
Looking after health better
30.9%
4.6%
24.4%
46.5%
20.8%
30.0%
6
Survey demographics - age
What is your age?
Answered: 1,348
7
Survey demographics - retired
Are you retired i.e. have you stopped paid work completely?
Answered: 1,142
8
Survey demographics – age retired
At what age did you retire?
Answered: 362
9
Survey demographics – planned age of
retirement
At what age do you plan to retire?
Answered: 807
10
Survey demographics - gender
Are you male or female?
Answered: 860
11
Survey demographics - ethnicity
What is your ethnicity? (Please select all that apply.)
Answered: 863
12
Survey demographics – household income
Which of the following best describes your household income before tax?
Answered: 849
13