Respondents ranged between the ages of 50 and 85, and lived in Cape Town, Durban and Gauteng.
“Eighty-one percent of respondents indicate a strong preference for a stable monthly income in retirement that covers their expenses, rather than one that fluctuates depending on investment performance. Many cannot tolerate the risk of a decline in investment markets,” says Just chief executive Deane Moore. However, the reality is that most are exposed to these risks in a living annuity, he says.
Half of the respondents said they would rely on children or grandchildren if they ran out of money, yet, paradoxically, they also shared the belief that it was important to leave an income legacy for the next generation.
Eight out of 10 said that they set and worked towards financial goals, while 60 percent of respondents acknowledged putting more thought and planning into their finances (a 20percent increase from 2018).