Introduction
Recent research by Abrdn has brought to light a worrying trend: retirement anxiety is on the rise among UK adults over 40. Max Brooks, the author of “World War Z: An Oral History of the Zombie War,” once said, “Fear is the most valuable commodity in the universe.” This statement rings true in the financial industry, where fear is often sold as a product itself. It’s time to question whether the industry’s fear-based, product-centric approach is exacerbating the problem rather than offering a solution.
The Commodification of Fear
Brooks further explained that people are not selling their products, but rather they are selling the fear of living without their products. This psychological trick is evident in the financial industry’s scaremongering tactics. Statements like “The Midlife MOT is recognition by the Government that a vast number of the population are ill-prepared for their financial futures” serve to commodify fear, heightening anxiety and driving product sales.
The Flawed System
Politicians, often influenced by city-friendly lobbyists, contribute to this cliff-edge retirement mentality. Their focus is on accumulating more private assets under management, which can be tapped into for fees, rather than genuinely helping people prepare for a prosperous retirement.
The Need for an Impartial Voice
What we need is a platform that gives prominence to impartial voices. These voices should promote the idea that even those with little savings can enjoy a prosperous and happy later life by identifying productive assets and leveraging entrepreneurial opportunities to create additional, sustainable livelihoods.
The Role of Non-Intermediating Financial Planners
This is where non-intermediating financial planners, like those supported by the Academy of Life Planning, come into play. Unbiased and not tied to product sales, these planners focus on holistic financial planning that aims for ‘enough’ in every aspect of life to fulfil your Kokoro.
Conclusion
Retirement doesn’t have to be a cliff-edge moment approached with dread. By shifting the focus from commodifying fear to holistic well-being and financial education, we can alleviate the rising tide of retirement anxiety. It’s time to listen more to the non-intermediating financial planners and bring about a paradigm shift in how we approach retirement planning.
Academy of Life Planning 