Nearly three quarters (73%) of respondents aged under 60, in a recent survey, have a retirement plan-up significantly from 60% in 2025, according to a report released by First National Bank (FNB), one of South Africa's "Big Four" banks.
The 2026 FNB Retirement Insights Survey says that the growth is particularly prevalent among lower-income consumers, where the number of respondents with a plan jumped from 19% to 48%, and where, among 36-to 54-year-olds, it rose from 67% to 85%.
The report also highlights the following:
Under-60s
There is a stubborn gap between wanting to prepare for retirement and knowing how to do that. 24% of under-60s without a retirement plan say they don’t know where to get savings and investment products—nearly double the 13% who said the same in 2025.
In addition, 41% of under-60s wish they knew more about financial matters. 26% say they feel out of their depth. Yet these same under-60s are value-conscious and goal-oriented with 43% saying they always look for the best price, and 36% actively setting financial goals and tracking their progress
Unexpected emergencies (cited by 36%), the rising cost of living (35%) and day-to-day expenses (31%) continue to crowd out long-term planning.
Over-60s
The 2026 survey findings show that South Africans over 60 share many of the financial concerns of their younger counterparts—but they carry those concerns differently. The data reveals a group that is more financially settled, less anxiety-driven and more deliberate in its financial behaviour.
Like under-60s, over-60s want to secure the best retirement deal and wish they understood financial matters better. But the emotional charge around money is noticeably lower. Where younger consumers often feel overwhelmed or avoid dealing with money issues, older consumers tend to feel more in control.
At the same time, 18% of interviewed over-60s say thinking about long-term finances makes them feel stressed (compared to 29% of 36- to 60-year-olds).
11% of interviewed over-60s say they focus on enjoying money now rather than saving for later (vs. 22% of 36- to 60-year-olds).
Planning vs reality
The survey finds that having a plan and being truly ready for retirement are not the same thing. Despite the increase in planning, the feeling of overall retirement readiness has remained relatively stable. Many under-60s still expect to keep working in retirement, and a significant proportion worry about whether they will have enough to live on.
The survey findings show that continuing to work in retirement is becoming normal.
Among under-60s without a retirement plan, 40% intend to run a side business or income-generating activity to support themselves financially in retirement. The same proportion (40%) of those with a plan include income from an additional business as part of their retirement strategy.
For over-60s, this is already a lived reality. Running a small business, doing part-time work, or generating additional income is increasingly how South Africans supplement their retirement income. It’s not a plan B; it’s their plan A.
One of the most striking findings for over-60s is the financial weight of family obligations. Despite planning to reach retirement independently—and hoping their children will be independent too—many over-60s find themselves continuing to support adult children, grandchildren, or elderly parents. 51% of over-60s from the FNB Personal Banking segment have been surprised by the unforeseen financial implications of family commitments. 47% of over-60s from the FNB Private Banking segment say the same.