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The Dunstan Thomas 2022 Consumer Study Exploring Baby Boomers' Lengthening Journeys to Full Retirement

Exploring Baby Boomers' Lengthening Journeys to Full Retirement

A Dunstan Thomas Consumer Study

Management Report of findings from a nationwide study of 58 - 75 year olds

About Dunstan Thomas Group

About the Dunstan Thomas Financial Services suite of products offers:

Technology solutions for wealth managers, platforms, and providers, designed to make the complex understandable through the design and roll out of exceptional user experiences and digital customer journeys.

Dunstan Thomas Financial Services division recently completed rebranding of its Imago suite on functional lines: creating Imago Tools, Imago Illustrations, Imago Administration, Imago Automation. These offerings, which can be offered as fully bundled Outsourced IT Services, provide a comprehensive array of client and adviser and platform tools including new business illustration creation and processing, Statutory Money Purchase Illustrations, Annual Reviews, Drip Feed Drawdown illustrations, Flexi Access Drawdown illustrations, MiFID II illustrations and a great deal more.


Imago is a suite of fully integrated solutions that provide savings and retirement modelling tools, illustration and review systems, client portals, dashboards, and policy administration systems.

Developed for product providers and platforms. Innovative technology solutions to meet the unique needs of the retirement and savings market.

Developed for the highly competitive, fast changing, intensely regulated world faced by providers, Imago is a family of integrated technology solutions that delivers illustrations, modelling tools, client portals, administration systems and user engagement platforms.

Imago Illustrations is widely used to provide illustrations across many product providers and platforms. It provides the user with an easy means of understanding illustrations at a glance. Its new modular design makes it even easier to re-style to better blend-in with your systems.

Imago Administration is a highly configurable and automated solution for pension’s policy administration. Imago Back Office has been designed for the personal pension, SIPP, and group markets, providing an enhanced administration platform for income drawdown, annuities, and scheme pensions.

Integro CX

Integro CX creates clarity from complexity by delivering portals and dashboards with exceptional user experiences. Integro CX is an award winning portal solution with unlimited third party integration capabilities, workflow technology and an API that enables users to take control. Integro CX delivers portal and dashboard technology solutions for the unique needs of wealth managers, platforms and providers.

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Welcome to the Dunstan Thomas Consumer Study 2022

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Supporting Baby Boomers’ Lengthening Retirement Journeys

Here at Dunstan Thomas during the last quarter of 2021 we decided to embark on a second round of our Trilogy of Generational Studies focused on the long-term savings levels and expectations for retirement of Millennials, Generation Xers and Baby Boomers.

Any generational study series must surely start with Baby Boomers. Aged 59 to 76 in 2022, Boomers control nearly 80 per cent of the UK’s private wealth. These trillions of pounds are held in their pensions, properties and in other savings and investments.

They are also right in the middle of retiring and drawing their personal and state pensions. Our figures indicate that 54 per cent of them have now stopped paid work. In addition, very nearly half of them have access to the more generous Defined Benefit pensions in retirement.

From reviewing the findings contained in this multimedia report of all our findings, it is clear that Boomers’ retirement habits have changed even in the five years since we studied them last. More of them want to delay their retirements now. Of the 44 per cent on Boomers still working, more than two-thirds want to work on beyond the State Pension age for an average of nearly 10 years. This substantial minority will be over 70 when they retire – if indeed they are able to retire when they want to.

However, it’s not that simple. We also found evidence of Boomers being pushed out of well-paid full-time work in their 50s and early 60s – a trend that appears to have been exacerbated by the pandemic. We know that three per cent of all Boomers we captured here were forced into earlier than planned retirement during the pandemic, for example. The actual average age of full retirement of our nationally-representative sample of Boomers was 63.4 years.

Why do Boomers want to work on longer? One explanation is that people generally enjoy the purpose, direction and sense of fulfilment that their work gives them. However, we also discovered that a third of them anticipate continuing to support their children financially even after they have retired.

This large group is keen to pass any excess retirement income they have to their children, grandchildren and other family members. For many Boomers this intergenerational subsidisation may encourage them to delay retirement for longer, especially if they are still paying for school or university fees, assisting them to get on the housing ladder or just enabling them to take a much-needed family holiday.

We also decided to look at some of the most promising avenues to deeper engagement with Boomers in order to help them optimise their retirement incomes, complete IHT planning, and invest and decumulate wisely. Digitalisation certainly offers some of the answers in this area. Mobile alerts and digitally-delivered financial guidance are areas where Dunstan Thomas might well support providers, platforms and wealth management groups in the coming years.

Our second study of this generation, this time entitled Exploring Baby Boomers’ Lengthening Journeys to Full Retirement, provides some valuable insights which I do hope will contribute to your planning and product development in the coming months and years.

Yours sincerely,

Ihab El-Saie
Chief Executive Officer
Dunstan Thomas Group
Tel: 0239 282 2254
Email: iel-saie@dthomas.co.uk


#1 Elizabeth Morris • Age 68 • Working Part-Time

#2 Sue Harris • Age 72 • Fully Retired

#3 William Relton • Age 65 • Working Part-Time

#4 Keith Gold • Age 68 • Fully Retired

#5 Angus Krouwel • Age 63 • Working Part-Time

#6 Brian Jackson • Age 59 • Fully Retired

#7 Roger Wheeler • Age 75 • Fully Retired

#8 Roger Wheeler • Age 75 • Fully Retired

#9 Sue Harris • Age 72 • Fully Retired

#10 Keith Gold • Age 68 • Fully Retired

#11 Nick Garvey • Age 64 • Fully Retired

#12 David Vickers • Age 76 • Fully Retired

#13 Pat Medus • Age 75 • Fully Retired