According to Jocelyn Hathaway, Acting CEO of Sanlam Employee Benefits, Sanlam’s Benchmark survey this year included a deep dive into the concept of financial resilience, which is essentially the ability of individuals and corporates to withstand the financial impact of a downturn in the economy.
In the foreword of the research results she mentions that the research has highlighted that the two mutually dependent variables that have the biggest impact on an individual’s ability to be financially resilient are:
- Income, and
“Incidentally, we asked the Principal Officers who participated in our research whether they were personally financially, emotionally and psychologically ready for retirement and fewer than half (41%) were confident that they are prepared for it. Preparing for retirement requires careful planning and commitment to the process and the conviction that the advice you receive along the way will assist you in reaching those desired financial outcomes”, Hathaway remarks.
She further emphasises that all stakeholders in the employee benefits industry can be held accountable to safe-guard and future-proof the retirement savings of those employed individuals who participate in employer-sponsored retirement schemes. Other underlying factors include the healthcare versus retirement benefits conundrum as well as the threat of cybercrime on retirement funds.
Click here to download the Benchmark Research summary.