Benchmark research methods
Discover our processes for understanding the issues affecting retirement funding, which inform the annual Sanlam Benchmark™ Survey.
- History
- Our approach
- Research programme
- Process
- Survey benefits
Origin of the Benchmark Survey
The Sanlam Survey was first conducted in 1981 and has continued to operate during notable moments in history. In the three decades since, it has evolved into one of the most referenced research papers in the retirement fund industry.
- History
1980's
While there was no legal requirement for retirement funds, most employers offered them to support employees.
By the end of the decade, trade union influence led to a shift from pension to provident funds due to restrictive withdrawal conditions.
1990's
Our member survey revealed that on 27% of active members only sought financial advice five years before retiring. While 84% of trustees were concerned about members' use of benefits, only 22% wanted to engage with retirees, indicating a gap in retirement planning awareness.
2000's
The industry focused on communication and education, with 56% of funds offering formal advice and 76% providing pre-retirement counselling, but these efforts have not significantly impacted member decisions.
2010's
By using a 'systems thinking' approach, we understood that all elements need to be interlinked for optimal functioning. This transformation affected various aspects, including investment administration platforms and the interactions between funds, employers, and members through retirement fund web portals and mobile applications.
Our approach to research
Our research includes a combination of qualitative and quantitative fieldwork:
- The Sanlam Benchmark™ research process begins by consulting stakeholders in the retirement funding industry to get a broad view of the issues driving member outcomes.
- Stakeholders include employers, funds, consultants, media, and leading experts within Sanlam. Their collective feedback is consolidated and distilled to a number of key hypotheses to be tested. This informs the content of the Sanlam Benchmark™ research report.
- We expanded the breadth of the research aimed at individual consumers of financial services to better understand the drivers of financial wellness amongst individuals.
- We also interview employee benefits consultants, as key enablers of better retirement outcomes, to gain an understanding of their views of the changing dynamics of the formal retirement funding sector.
Our research programme
The professional network we use to conduct our research consists of:
- Consumers of financial services
- Interview with professionals
- Focus group discussions
- Employee benefits fund consultants
- Standalone funds (including 10 union funds)
- Participating employers in umbrella fund
- Sponsors of commercial Umbrella Funds
- Asset Consultants
- Pensioners
- Employee Benefits and Healthcare Intermediaries
Research process
Our streamlined research process is designed to bring you insights that matter.
Our process
- QuestionaireDesigned by Sanlam and its internal research house
- InterviewsConducted by an independent research house
- DataQualitative and quantitative data are captured and submitted for processing
- AnalysedData is analysed by Sanlam Actuaries and the research team with derived strategic benefit
- Sanlam BenchmarkSanlam presents the insights to an industry-wide audience
- ResponsesSanlam responds to the media, industry and retirement funds
benefits
Survey benefits
Our research seeks to identify and address some of the behavioural challenges that cause the poor savings culture in South Africa.
Through our market research, we aim to find information that can positively influence decision-making around saving.
Through our market research, we aim to find information that can positively influence decision-making around saving.
- Survey benefits
Member Benefits
- Access to simple and easy-to-understand information on finance
- Improved understanding and knowledge around retirement
- Engage more readily with funds on specific issues
- Be more proactive and take accountability of retirement needs
- Start retirement and healthcare planning much sooner with the aid of a personal financial adviser
Trustees and industry players
- Online access to information and trends specific to retirement funding
- Sanlam Corporate can run data comparisons on specific funds
- Funds are able to design benefit structures and communication strategies based on membership needs and issues uncovered in the research
- Improving the levels of saving for retirement, the industry is also in a position to improve the current savings levels in South Africa
Financial advisers
- Deeper understanding of the financial challenges facing South African households
- Gain insights to inform conversation and create meaningful opportunities for further engagement with industry stakeholders
- Draw comparisons between members of different income groups and categories of retirement savings
- Understand the impact of debt on an individual's ability to plan effectively for retirement