The UK is at a "pivotal" moment for financial security in retirement, according to University of Manchester social gerontology professor, Debora Price.

Speaking at the Association of British Insurers (ABI) conference on savings, adequacy and longevity, Price warned that the retirement landscape is facing a series of complex challenges, including falling fertility rates, stalling life expectancy gains, an increase in ill health, and changing inter-generational financial relationships.

She also highlighted the impact of social changes on retirement saving, such as unreliable housing wealth and increasing later-life working.

“Financial stability in later life depends on a strong, stable working age population, and investing in long-term savings,” she continued.

“However, with the rising cost of living, precarious work and financial insecurity, few people have space for the private market."

Echoing this, panel chair and ABI director of policy, Yvonne Braun OBE, said society was changing “quietly but dramatically".

“The long-haul is coming but I don’t think society has adjusted. The rise in longevity is currently not being matched by ‘meagre’ retirement contributions from employers,” she stated.

This has meant that less than a third (28 per cent) of Gen X are on track to meet their retirement savings goals that would enable them to live 'comfortably' through retirement, with just 40 per cent of overall respondents on track with their retirement savings goals, according to research from Get Britain Pension Ready.

Fellow panellist, Aviva wealth and advice managing director, Michele Golunska, argued that technology was the key to solving these challenges.

“It will help us engage more and personalise solutions for individuals, rather than a one-size fits all approach," she stated.

Golunska also said that the success of auto-enrolment (AE) had proved that “defaults work.”

“We want to see momentum in pension saving from the first penny earned, the age for AE drop to 18, and better financial education. These changes would make a massive difference,” she added.

Meanwhile, Golunska claimed the government’s 'Pensions Investment Review' would be “crucial” to solving the challenges facing savers and urged them to take swift action once the review has concluded.

The Chancellor, Rachel Reeves, has said the government is on track to share the final Pensions Investment Review report in spring.

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