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Retirement – Products need to adjust to stay relevant

The way we live has changed dramatically. This has an impact on the financial services industry as well. This is illustrated in a recent article written by Patrick Cairns in Moneyweb.

Cairns rightfully asks the question: “Why save for retirement if you don’t intend to retire?”

He questions how financial products being offered to employees are essentially the same that have been available for decades, whilst the world around them has changed significantly and continues to change at a rapid pace.

An employee’s career path also changes constantly and some even take mid- breaks or mini-retirements. The notion of “saving for their retirement” has changed completely. Employees have become more flexible and in most cases the financial services industry has not kept up the same pace and is largely unprepared.

“The challenge is finding a balance between the stability of products and remaining relevant to the needs of the workforce,” says Regard Budler, head of product solutions at Momentum Corporate. “Fundamentally people might need the same thing, but the way we execute it and the way we deliver it has to be more flexible. One size has never fitted all, and it definitely isn’t going to in future.”

Click here to read the article as published on the Moneyweb website.

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