A looming savings crisis is creating an era of ‘unretirement’
With growing wealth inequality, longer lifespans and retirement savings under pressure, a new life stage has emerged – ‘unretirement’.
Consumers are prolonging their working lives, sometimes because they want to and sometimes because of FROOM (Fear of Running Out Of Money). They are having to compete with contemporary skills, reinvent themselves with second careers, take part-time jobs to make ends meet and, in some cases, adapt to the gig economy.
As KPMG’s Me, my life, my wallet survey reveals, many consumers feel ill-prepared for retirement and seem to have three strategies to deal with this life stage: delay, pray and avoid.