Discover the key findings from the 2026 FNB Retirement Insights Survey, revealing how South Africans are adapting their retirement planning amidst rising costs and economic challenges.
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More South Africans are taking retirement planning more seriously than ever before, but many remain uncertain whether their savings will be enough to cope with rising living costs, mounting debt, healthcare expenses and ongoing family responsibilities.
This is one of the key findings of the 2026 FNB Retirement Insights Survey, now in its fourth year, which provides a comprehensive picture of how South Africans across different income groups view, prepare for and experience retirement.
The study combines qualitative and quantitative research among adults aged 18 and older, examining the perspectives of consumers under 60, those over 60 and retirees.
The research points to a meaningful shift in retirement behaviour, with more South Africans taking active steps to secure their financial futures despite persistent economic pressures. The most significant improvements were recorded among lower-income earners and people in their peak earning years, signalling growing awareness of the importance of long-term financial planning.
Lytania Johnson, CEO of FNB, says the latest findings reflect a notable change in both attitudes and behaviour.
“The increase in retirement plan ownership gives us confidence that the retirement conversation is gaining ground. It is particularly encouraging to see stronger planning behaviour among lower-income consumers, where the number of respondents with a retirement plan has risen significantly. While these findings reflect positive progress, they also remind us that planning for retirement is not only about saving more, but about understanding whether those savings will be sufficient to support the lifestyle and needs people expect in retirement.”
Despite the encouraging trends, the survey suggests that greater awareness has not yet translated into widespread retirement readiness.
Johnson cautions that while more South Africans want to save for retirement, many still struggle to navigate the process.
“Many South Africans want to save, but the path to retirement still feels unclear. The survey shows growing intent, but people need simpler, more accessible guidance to turn good intentions into action. As an industry, we have a responsibility to help South Africans understand where to start, what to prioritise and how to make retirement planning part of their everyday financial lives.”
The findings highlight a significant gap between intention and action.
Among respondents under the age of 60 who do not have a retirement plan, more than half (53%) say they simply cannot afford to save because all of their disposable income is spent elsewhere.
Meanwhile, 24% say they do not know where to access savings and investment products, almost double the 13% recorded in 2025.
For many households, financial emergencies, the rising cost of living and everyday expenses continue to crowd out long-term financial planning.
While younger South Africans appear to be making progress in planning for retirement, the experiences of existing retirees offer an important reminder that saving alone is not enough.
The survey found that many retirees face expenses that are substantially higher than they anticipated before leaving the workforce.
Nearly three-quarters (74%) of retirees in FNB's Personal Banking segment say the cost of living has been higher than expected, while almost half (46%) report that healthcare costs have exceeded their original estimates.
Housing expenses, emergency costs and continued family obligations are also placing considerable strain on retirement finances. More than half (51%) of over-60s in the FNB Personal Banking segment and 47% in the FNB Private Banking segment say they have been surprised by the financial impact of ongoing family commitments.
Sizwe Nxedlana, CEO of FNB Private Banking and Wealth Management, says the findings demonstrate that retirement planning needs to reflect the realities of modern life.
“Retirement is often imagined as a time of independence, freedom and fewer obligations, but the survey findings show that the reality of retirement is often more complicated. Rising food prices, medical aid, insurance, family support and unexpected costs can reshape even a carefully considered retirement plan.”
He says retirement strategies should extend well beyond growing investment portfolios.
“It needs to consider liquidity, future healthcare expenses, estate planning, family support, tax efficiency and the possibility that retirement may include continued work, business interests or phased income. True financial freedom in retirement is not just the absence of work; it is the ability to absorb change without losing control of the life you have planned.”
The research also underscores the value of structured retirement planning and long-term savings vehicles.
Respondents who hold capital preservation products, including retirement annuities and fixed deposits, are six times more likely to have a retirement plan than those without these products.
The survey further found that people over the age of 60 who do not have long-term retirement vehicles are between two and three times more likely to experience retirement outcomes that are worse than they expected.
Johnson says the findings present a clear opportunity for the financial services industry to help improve retirement outcomes across South Africa.
“Successful retirement starts with an individual taking the first planning step, but it is sustained through guidance, appropriate products and advice that meets people where they are. The financial services industry has both the responsibility and the opportunity to provide these essentials so that more South Africans can achieve the retirement they desire and deserve.”
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