More South Africans are taking proactive steps to secure their financial futures, with retirement planning gaining significant momentum across income groups. However, persistent economic pressures, including the rising cost of living, healthcare expenses and family responsibilities, continue to cast doubt on whether many will be financially prepared for retirement.
These are among the key findings of the 2026 FNB Retirement Insights Survey, now in its fourth year, which offers an in-depth look at how South Africans approach retirement planning and how retirees are experiencing life after leaving the workforce.
The survey reveals a marked improvement in retirement planning among South Africans under the age of 60. Retirement plan ownership has increased to 73% in 2026, up from 60% in 2025, while participation among lower-income consumers has more than doubled, rising from 19% to 48% over the same period. Among individuals aged 36 to 54, retirement plan ownership climbed from 67% to 85%, reflecting growing awareness during peak earning years.
Consumers are also setting aside a greater portion of their disposable income for retirement, with contributions increasing from 7% in 2024 to 10% in 2026.
According to FNB CEO Lytania Johnson, the findings indicate a meaningful shift in how South Africans are thinking about retirement.
“The increase in retirement plan ownership gives us confidence that the retirement conversation is gaining ground,” Johnson said. “It is particularly encouraging to see stronger planning behaviour among lower-income consumers. 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 these encouraging trends, the survey highlights that retirement readiness remains a challenge for many. Among respondents under the age of 60 who do not have a retirement plan, 53% say they simply cannot afford to save because their disposable income is consumed by daily expenses. Meanwhile, 24% say they do not know where to access suitable savings and investment products—almost double the 13% recorded in the previous year’s survey.
Johnson noted that while many South Africans have the intention to save, turning that intention into action remains difficult.
“Many South Africans want to save, but the path to retirement still feels unclear. People need simpler, more accessible guidance to help them understand where to begin, what to prioritise and how to make retirement planning part of their everyday financial lives,” she said.
The experiences of current retirees further reinforce the importance of comprehensive financial planning. While many younger South Africans are planning more actively for retirement, retirees report that the financial realities of retirement often differ significantly from expectations.
Among retirees in FNB’s Personal Banking segment, 74% said the cost of living has been higher than anticipated, while 46% reported healthcare expenses exceeding their original estimates. Housing costs, emergency expenses and continued financial support for family members have also placed unexpected strain on retirement finances.
The survey found that 51% of retirees in the Personal Banking segment and 47% in the Private Banking segment were surprised by the financial impact of ongoing family commitments during retirement.
Sizwe Nxedlana, CEO of FNB Private Banking and Wealth Management, said the findings demonstrate that retirement planning must account for life’s uncertainties rather than an idealised vision of retirement.
“Retirement is often imagined as a time of independence, freedom and fewer obligations, but the reality is often far more complex,” Nxedlana said. “Rising food prices, medical aid, insurance, family support and unexpected costs can reshape even a carefully considered retirement plan.”
He added that successful retirement planning should extend beyond investment growth to include liquidity, healthcare planning, estate planning, tax efficiency and the possibility of continued work or phased retirement income.
The survey also underscores the value of structured retirement products. Respondents who hold capital preservation products, such as retirement annuities and fixed deposits, are six times more likely to have a retirement plan than those without such products. Conversely, retirees over the age of 60 without long-term retirement vehicles are between two and three times more likely to experience retirement outcomes that fall short of expectations.
Johnson believes the findings present a clear opportunity for the financial services industry to play a greater role in improving retirement outcomes.
“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,” she said. “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.”
While the 2026 FNB Retirement Insights Survey points to encouraging progress in retirement planning, it also highlights that building long-term financial security requires more than increased savings alone. Accessible financial education, practical guidance and realistic retirement strategies will be essential to help South Africans navigate an increasingly uncertain economic landscape and retire with confidence.