According to the results of the FNB Retirement Insights Survey 2026, there is an increase in the seriousness with which South Africans approach pension planning. However, many remain uncertain whether their savings can cover rising living costs, increasing debt, medical bills, and family responsibilities.
Shift in Behavior and Awareness
This fourth annual survey provides a detailed picture of how people from different income groups in South Africa perceive, prepare for, and experience retirement. The study combined qualitative and quantitative data among adults aged 18 and over, examining the opinions of consumers under 60, those over 60, and retirees.
The results indicate a significant change in behavior, as more South Africans are taking active steps to secure their financial future despite ongoing economic pressure. The most noticeable improvements were observed among low-income earners and people in their peak earning years, suggesting increased awareness of the importance of long-term financial planning.
Gap Between Intention and Readiness
Lita Johnson, CEO of FNB, noted that the latest data reflects noticeable changes in both attitude and behavior. She emphasized that the increase in the number of pension plan holders gives confidence that the topic of retirement is gaining popularity, particularly noting strong planning among low-income consumers.
Nevertheless, Johnson warns that increased awareness has not yet translated into widespread retirement readiness. Many want to save money, but they lack a clear understanding of the process. According to the survey, more than half (53%) of respondents under 60 without a pension plan state that they cannot afford savings because all their disposable income is spent on other needs.
Furthermore, 24% stated they do not know where to find savings and investment products, nearly double the 13% reported in 2025. For many households, financial emergencies, the rising cost of living, and daily expenses continue to hinder long-term financial planning.
Unexpected Financial Burdens in Retirement
Although young South Africans show progress in retirement planning, the experiences of existing retirees remind us that savings alone are not enough. The survey found that many retirees face expenses that significantly exceed their initial expectations.
Almost three-quarters (74%) of retirees in the FNB Personal Banking segment reported that the cost of living was higher than expected, and almost half (46%) noted that healthcare expenses exceeded initial estimates. Additionally, housing costs, emergencies, and ongoing family obligations place a significant strain on retirement finances.
More than half (51%) of people over 60 in the FNB Personal Banking segment and 47% in the FNB Private Banking segment expressed surprise at the financial impact of ongoing family commitments. Sizwe Nksedlana, CEO of FNB Private Banking and Wealth Management, believes that the results highlight the need to account for the realities of modern life in pension planning.
He argues that retirement strategies must go beyond simply increasing investment portfolios, including considering liquidity, future healthcare costs, estate planning, family support, tax efficiency, and the possibility of continued work.
Structured Planning Improves Outcomes
The study also highlights the value of structured pension planning and long-term savings tools. Respondents who hold capital preservation products, such as pension annuities and fixed deposits, are six times more likely to have a pension plan than those who do not use them.
Moreover, it was found that people over 60 without long-term retirement tools are two to three times more likely to experience retirement outcomes worse than they expected. Johnson concludes that this data provides the financial industry with a clear opportunity to improve retirement outcomes across South Africa, emphasizing that success starts with the first step but is sustained by help and appropriate products.
