Treasury Inflation-Protected Securities (TIPS) Market Outlook

According to our latest research, the global Treasury Inflation-Protected Securities (TIPS) market size reached USD 1.85 trillion in 2024, with a robust year-over-year growth rate driven by heightened investor focus on inflation risk management. The market is projected to expand at a CAGR of 6.2% from 2025 to 2033, reaching an estimated value of USD 3.17 trillion by the end of the forecast period. This impressive trajectory is supported by persistent inflationary pressures, increased demand for inflation-hedged instruments, and growing institutional participation, as per our comprehensive 2025 industry analysis.

The primary growth driver for the TIPS market is the global economic environment characterized by recurrent inflationary cycles and macroeconomic uncertainties. As central banks in major economies continue to adjust monetary policies in response to inflation, investors are increasingly seeking assets that offer real returns and preserve purchasing power. TIPS are uniquely structured to provide a hedge against inflation, as their principal and interest payments are directly linked to the Consumer Price Index (CPI). This feature has amplified their attractiveness to both institutional and retail investors, especially during periods of rising inflation expectations. Moreover, the growing sophistication among investors and the availability of more transparent information about inflation-protected securities are further catalyzing market adoption.

Another significant growth factor is the evolving regulatory and investment landscape. Pension funds, sovereign wealth funds, and insurance companies are mandated or incentivized to allocate a portion of their portfolios to inflation-hedged assets, including TIPS. The increasing integration of environmental, social, and governance (ESG) criteria is also indirectly benefiting the market, as TIPS are perceived as lower-risk, government-backed securities that align with responsible investment principles. Additionally, technological advancements and the proliferation of digital trading platforms have democratized access to TIPS, enabling a broader spectrum of investors to participate in this market. These trends are expected to sustain strong demand and deepen market liquidity in the coming years.

Demographic shifts and long-term financial planning needs are further fueling demand for TIPS. An aging global population is prompting greater emphasis on retirement planning, with retirees and pre-retirees seeking stable, inflation-protected income streams. TIPS are increasingly incorporated into target-date funds, retirement portfolios, and annuity products, enhancing their relevance across various life stages. Furthermore, heightened awareness of inflation risk, especially in the wake of recent economic shocks and supply chain disruptions, is spurring proactive portfolio diversification strategies among both retail and institutional investors. This sustained interest is anticipated to underpin the market’s expansion over the forecast horizon.

Regionally, North America continues to dominate the TIPS market, accounting for the majority of global issuance and trading activity. The United States Treasury remains the largest issuer of TIPS, with strong participation from domestic and international investors. Europe and Asia Pacific are witnessing accelerating growth, driven by rising inflation concerns and the gradual introduction of inflation-linked securities in these regions. Latin America and the Middle East & Africa, while smaller in market share, are experiencing increased adoption as part of broader efforts to diversify sovereign debt portfolios and enhance financial system resilience. This regional diversification is contributing to the overall stability and growth of the global TIPS market.

Type Analysis

The TIPS market is segmented by type into Short-Term TIPS, Medium-Term TIPS, and Long-Term TIPS. Short-Term TIPS, typically with maturities of 1 to 5 years, are favored by investors seeking lower duration risk and higher liquidity. These securities are particularly attractive during periods of heightened interest rate volatility, as they offer more frequent opportunities for reinvestment and capital preservation. Institutional investors such as money market funds and

As of January 1, 2025, retirees in Russia received a gross pension of approximately ******** Russian rubles on average, or ****U.S. dollars per month at the exchange rate as of May 16, 2025. The reform of 2019 introduced a retirement age hike to gradually increase the retirement age to 60 years for women and 65 years for men until 2028. Pensions in Russia are guaranteed by the state, like in many European countries. Pension growth in Russia The amount of retirement benefits in Russia increased by roughly ******* Russian rubles, or *** percent, over the course of 2024. The pensions increased more significantly than prices in the country, as Russia's annual inflation rate stood at around *** percent in the same year. Pensioners in Russia Despite the increase in pension amounts, there has been a decrease in the number of individuals entitled to receive pensions until the start of 2024. As of January 1, 2025, the number of pensioners in Russia reached roughly **** million, more than a year prior. That corresponded to nearly *** pensioners per 1,000 population.

India IESH: RBI: Inflation Expectations: Retired Persons: One Year Ahead: Mean data was reported at 9.700 % in Sep 2018. This records a decrease from the previous number of 10.200 % for Jun 2018. India IESH: RBI: Inflation Expectations: Retired Persons: One Year Ahead: Mean data is updated monthly, averaging 11.400 % from Sep 2008 (Median) to Sep 2018, with 45 observations. The data reached an all-time high of 14.200 % in Sep 2013 and a record low of 6.100 % in Mar 2009. India IESH: RBI: Inflation Expectations: Retired Persons: One Year Ahead: Mean data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Business and Economic Survey – Table IN.SC003: Inflation Expectations Survey of Households (IESH): Reserve Bank of India: Inflation Expectations: by Occupation.

Immediate Annuities Market Outlook

According to our latest research, the global Immediate Annuities market size reached USD 110.6 billion in 2024, reflecting robust demand for retirement income solutions worldwide. The market is projected to grow at a CAGR of 6.2% from 2025 to 2033, reaching an estimated USD 190.6 billion by the end of the forecast period. This sustained growth is underpinned by rising longevity, increasing retirement rates among the global population, and an expanding focus on financial security for retirees. The growing awareness of the need for predictable post-retirement income and the volatility of traditional investment vehicles are key factors driving the adoption of immediate annuities across diverse regions.

One of the primary growth drivers for the Immediate Annuities market is the rapid demographic shift toward an aging population, particularly in developed economies. As life expectancy continues to rise and birth rates decline, a significant proportion of the population is entering retirement age, leading to heightened demand for stable and guaranteed income sources. Immediate annuities, which begin payouts almost instantly after a lump sum investment, are increasingly becoming a preferred choice for retirees seeking to mitigate longevity risk and maintain their standard of living. Furthermore, the uncertainty surrounding government pension systems and the transition from defined benefit to defined contribution retirement plans have accelerated the need for personal retirement income solutions, bolstering market growth.

Another significant factor contributing to the expansion of the Immediate Annuities market is the evolving regulatory landscape and innovation in annuity products. Regulatory bodies in several regions have implemented measures to enhance consumer protection, transparency, and product suitability, making immediate annuities more accessible and attractive to a broader customer base. Additionally, insurers are introducing innovative product variants such as inflation-indexed and flexible payout annuities, catering to diverse risk appetites and financial goals. The integration of digital platforms for annuity distribution and servicing is also streamlining customer onboarding, improving transparency, and driving market penetration, especially among tech-savvy pre-retirees and younger investors.

Macroeconomic factors, such as historically low interest rates and market volatility, have also played a pivotal role in shaping the Immediate Annuities market. With traditional fixed-income investments offering limited returns, retirees and near-retirees are increasingly turning to immediate annuities as a means of securing higher, predictable income streams. The search for financial certainty amid global economic uncertainties has reinforced the value proposition of these products. Additionally, the rising prevalence of financial literacy programs and the proliferation of online financial advisory services are educating consumers about the benefits of annuitization, further expanding the addressable market.

Regionally, North America continues to dominate the Immediate Annuities market, accounting for the largest share in 2024, driven by a mature insurance sector, high per capita income, and a large retiree base. However, Asia Pacific is emerging as a high-growth region, fueled by rapidly aging populations in countries like Japan and China, rising disposable incomes, and evolving regulatory frameworks that encourage retirement savings. Europe also remains a significant market, supported by government initiatives promoting private pension solutions and a robust distribution network. Latin America and the Middle East & Africa, while still nascent, are expected to witness accelerated growth as financial inclusion and retirement planning awareness improve.

Indexed Annuities are gaining traction as a versatile option within the broader annuity market. These products offer a unique combination of features that appeal to a diverse range of investors. By linking returns to a specific market index, such as the S&P 500, Indexed Annuities provide the potential for higher earnings compared to traditional fixed annuities, while still offering protection against market downturns. This balance of risk and reward makes them particularly attractive to individuals looking to enhance their ret

The Inflation Reduction Act of 2022 (IRA) became law on August 8, 2022. Under the law, new qualifying renewable and/or carbon-free electricity generation projects constructed in certain areas of the US, called energy communities, are eligible for bonus worth an additional 10% to the value of the production tax credit or a 10 percentage point increase in the value of the investment tax credit. The IRA does not explicitly map or list these specific communities. Instead, eligible communities are defined by a series of qualifications:

a brownfield site,

a metropolitan statistical area (MSA) or non-metropolitan statistical area with either (a) 0.17% or greater employment or (b) 25% or greater local tax revenues related to the extraction, processing, transport, or storage of coal, oil, or natural gas; and an unemployment rate at or above the national average for the previous year, or

a census tract containing or adjacent to (a) a coal mine closed after December 31, 1999 or (b) a coal-fired electric generating unit retired after December 31, 2009.

These maps and data layers contain GIS data for coal mines, coal-fired power plants, fossil energy related employment, and brownfield sites. Each record represents a point, tract or metropolitan statistical area and non-metropolitan statistical area with attributes including plant type, operating information, GEOID, etc. The input data used includes:

Brownfields – Source: EPA. No analysis was performed on this data layer. However, tract polygon layers have a column denoting brownfield presence (0 for no brownfield site, 1 if the tract contains a brownfield somewhere within the polygon).

Eligible Employment MSAs (“Final_Employment_Qualifying_MSAs”) – Source: US Census County Business Patterns. MSAs and non-MSA regions with employment over 0.17% in the fossil fuel industry (defined here as NAICS codes 211, 2121, 213, 23712, 324, 4247, and 486) and unemployment greater than or equal to 3.9% (the average national unemployment rate in 2021, according to the Bureau of Labor Statistics).

--Possibly Eligible MSAs (“FossilFuel_Employment_Qualifying_MSAs”) are MSA and non-MSA regions that meet or exceed the 0.17% employment in the fossil fuel industry threshold but do not exceed the unemployment threshold.

--Relevant columns include:

  a) SUM_nhgis0: Total employment in 2020.


  b) SUM_nhgis1: Total unemployment in 2020.


  c) P_Unemp: Percent unemployment in 2020.


  d) Q_Unemp: Boolean column indicating if the MSA or non-MSA’s unemployment rate is at or above the national average of 3.9%.


  e) FF_Qual: Boolean column indicating if the MSA or non-MSA had employment in the fossil fuel industry at or above 0.17% in the past 11 years.


  f) final_Qual: Boolean column indicating if an MSA or non-MSA qualifies for both unemployment rate and fossil fuel employment under the IRA.

Retired Power Plants – Source: EIA via HFLID. Qualifying power plants were selected by use of coal in at least one generator, and if they were retired (RET_DATE) on or after January 1, 2010. This data goes through December 2021.

--Adjacent tract data was derived by Cecelia Isaac using ESRI ArcGIS Pro.

Abandoned Coal Mines – Source: MSHA. Mines labeled “Abandoned”, “Abandoned and Sealed” or “NonProducing” between January 1, 2000 and September 2022.

--Adjacent tract data was derived by Cecelia Isaac using ESRI ArcGIS Pro.

5) US State Borders– Source: IPUMS NHGIS.

Also included here are polygon shapefiles for Onshore Wind and Solar Candidate Project Areas from Princeton REPEAT. These files have been updated to include columns related to the energy communities.

New columns include:

CoalPlantTract: Boolean column indicating if the CPA is within a tract that qualifies because of a retired coal plant.

CoalMineTract: Boolean column indicating if the CPA is within a tract that qualifies because of a closed coal mine.

FossilFuelEmp: Boolean column indicating if the CPA is within an MSA or non-MSA with greater than or equal to 0.17% employment in the fossil fuel industry.

UnempQualification: Boolean column indicating if the CPA is within an MSA or non-MSA with greater than or equal to 0.17% employment in the fossil fuel industry.

MSA_non_to: The code of the MSA or non-MSA area that contains the CPA.

P_Unemp: The percent unemployment of the MSA or non-MSA that contains the CPA in 2021.

Retirement Notice: This item is in mature support as of June 2023 and will be retired in December 2025. A replacement item has not been identified at this time. Esri recommends updating your maps and apps to phase out use of this item.This map shows the average household income in the U.S. in 2022 in a multiscale map by country, state, county, ZIP Code, tract, and block group. Information for the average household income is an estimate of income for calendar year 2022. Income amounts are expressed in current dollars, including an adjustment for inflation or cost-of-living increases.The pop-up is configured to include the following information for each geography level:Average household incomeMedian household incomeCount of households by income groupAverage household income by householder age group Permitted use of this data is covered in the DATA section of the Esri Master Agreement (E204CW) and these supplemental terms.

Retirement Income Planning Platform Market Outlook

According to our latest research, the global Retirement Income Planning Platform market size reached USD 3.24 billion in 2024, with a robust compound annual growth rate (CAGR) of 12.8% projected through 2033. By the end of the forecast period, the market is expected to achieve a value of USD 9.08 billion. This impressive growth is primarily driven by the increasing adoption of digital financial planning solutions, rising demand for personalized retirement strategies, and the growing aging population worldwide.

One of the key growth factors for the Retirement Income Planning Platform market is the significant demographic shift marked by a rapidly aging global population. As life expectancy increases and birth rates decline in many regions, the proportion of individuals approaching retirement age is expanding. This demographic trend is particularly pronounced in developed economies such as the United States, Western Europe, and Japan, where a large segment of the population is transitioning into retirement. The need for sophisticated retirement planning tools that can address complex income requirements, inflation risks, and healthcare costs has become more acute. As a result, financial institutions and individuals alike are seeking advanced platforms that offer tailored retirement income solutions, driving market growth.

Another major driver is the digital transformation of the financial services industry. The proliferation of cloud computing, artificial intelligence, and big data analytics has revolutionized how retirement planning is approached. Modern retirement income planning platforms leverage these technologies to provide dynamic, real-time insights, scenario analysis, and automated recommendations. This not only enhances user experience but also improves the accuracy and efficiency of retirement income projections. The shift towards digital advisory services, combined with increased consumer awareness and regulatory support for transparent, client-centric financial planning, is accelerating the adoption of these platforms across various end-user segments, including banks, wealth management firms, and individual investors.

Additionally, the evolving regulatory landscape is playing a pivotal role in shaping the Retirement Income Planning Platform market. Governments and regulatory authorities worldwide are introducing policies to safeguard retirees' financial well-being, encouraging greater transparency, fiduciary responsibility, and the use of technology in retirement planning. This has led to increased investments by financial institutions in advanced planning platforms that comply with regulatory requirements and offer comprehensive, compliant solutions for end-users. Furthermore, the growing trend of defined contribution plans over traditional defined benefit schemes is shifting the responsibility of retirement planning from employers to individuals, further fueling the demand for robust planning tools.

From a regional perspective, North America continues to dominate the Retirement Income Planning Platform market, accounting for the largest share in 2024, followed by Europe and the Asia Pacific. The high market penetration in North America is attributed to the presence of leading technology providers, a mature financial advisory ecosystem, and strong consumer awareness regarding retirement planning. Meanwhile, emerging economies in Asia Pacific are witnessing rapid growth due to increasing digital adoption, expanding middle-class populations, and rising awareness of the importance of retirement income planning. Latin America and the Middle East & Africa are also registering steady growth, supported by economic reforms and the digitalization of financial services.

Component Analysis

The Component segment of the Retirement Income Planning Platform market is bifurcated into Software and Services, each playing a critical role in facilitating comprehensive r

The Consumer Price Index for All Urban Consumers: All Items (CPIAUCSL) is a price index of a basket of goods and services paid by urban consumers. Percent changes in the price index measure the inflation rate between any two time periods. The most common inflation metric is the percent change from one year ago. It can also represent the buying habits of urban consumers. This particular index includes roughly 88 percent of the total population, accounting for wage earners, clerical workers, technical workers, self-employed, short-term workers, unemployed, retirees, and those not in the labor force.

The CPIs are based on prices for food, clothing, shelter, and fuels; transportation fares; service fees (e.g., water and sewer service); and sales taxes. Prices are collected monthly from about 4,000 housing units and approximately 26,000 retail establishments across 87 urban areas. To calculate the index, price changes are averaged with weights representing their importance in the spending of the particular group. The index measures price changes (as a percent change) from a predetermined reference date. In addition to the original unadjusted index distributed, the Bureau of Labor Statistics also releases a seasonally adjusted index. The unadjusted series reflects all factors that may influence a change in prices. However, it can be very useful to look at the seasonally adjusted CPI, which removes the effects of seasonal changes, such as weather, school year, production cycles, and holidays.

The CPI can be used to recognize periods of inflation and deflation. Significant increases in the CPI within a short time frame might indicate a period of inflation, and significant decreases in CPI within a short time frame might indicate a period of deflation. However, because the CPI includes volatile food and oil prices, it might not be a reliable measure of inflationary and deflationary periods. For a more accurate detection, the core CPI (CPILFESL (https://fred.stlouisfed.org/series/CPILFESL)) is often used. When using the CPI, please note that it is not applicable to all consumers and should not be used to determine relative living costs. Additionally, the CPI is a statistical measure vulnerable to sampling error since it is based on a sample of prices and not the complete average.

For more information on the CPI, see the Handbook of Methods (https://www.bls.gov/opub/hom/cpi/), the release notes and announcements (https://www.bls.gov/cpi/), and the Frequently Asked Questions (https://www.bls.gov/cpi/questions-and-answers.htm) (FAQs).

Retirement homes depend on self-funders or local council funding that covers the retirement needs of people who satisfy financial assessment means tests. Tightening government budgets have meant publicly funded fees have failed to cover providers’ operating costs, forcing retirement homes to cross-subsidise local authority beds with fees from self-funded residents. Revenue is anticipated to climb at a compound annual rate of 3.2% over the five years through 2025-26 to £12.0 billion, and it’s set to rise by 0.8% in 2025-26. Much of this is down to care homes' fees mounting to cover costs and being paid for by self-funders, who are saw their disposable income tick upwards in 2024-25, lifting industry revenue. Although the ageing population supports revenue growth, constrained government spending, delayed reform changes and rising costs (particularly for labour) have put pressure on profit. Demand for beds far outstrips the supply, which is driving investment into the industry. Mounting demand from residents who had delayed joining a retirement home during the pandemic contributed to strong growth in revenue in 2021-22. Care homes' fees then edged up in the three years through 2024-25 to cope with enhanced staffing costs, mounting mortgage payments and heightened energy costs – these were all the result of high inflation. This has been to the dismay of many retirees whose purse strings have tightened thanks to the cost-of-living crisis, making hit harder for them to afford to move into retirement homes. Higher fees have therefore dampened some of demand for beds, but they’ve also increased the sales value of care homes, supporting revenue. Retirement home revenue is expected to rise at a compound annual rate of 1.5% over the five years through 2030-31 to £12.9 billion, driven by an ageing population. By 2036, the number of people aged 85 and over will hit 2.6 million, representing 3.5% of the UK population, according to the Office for National Statistics. However, medical advances will make an older population healthier, allowing people to live independently for longer, dampening growth. Sustainable initiatives will be incorporated into the designs of new homes, helping reduce operational costs for retirement homes and supporting profitability. As real disposable income rises, there will be greater demand for luxury retirement homes, driving sales value and supporting industry revenue growth.

Although the American Community Survey (ACS) produces population, demographic and housing unit estimates, it is the Census Bureau's Population Estimates Program that produces and disseminates the official estimates of the population for the nation, states, counties, cities, and towns and estimates of housing units for states and counties..Supporting documentation on code lists, subject definitions, data accuracy, and statistical testing can be found on the American Community Survey website in the Technical Documentation section.Sample size and data quality measures (including coverage rates, allocation rates, and response rates) can be found on the American Community Survey website in the Methodology section..Source: U.S. Census Bureau, 2017-2021 American Community Survey 5-Year Estimates.Data are based on a sample and are subject to sampling variability. The degree of uncertainty for an estimate arising from sampling variability is represented through the use of a margin of error. The value shown here is the 90 percent margin of error. The margin of error can be interpreted roughly as providing a 90 percent probability that the interval defined by the estimate minus the margin of error and the estimate plus the margin of error (the lower and upper confidence bounds) contains the true value. In addition to sampling variability, the ACS estimates are subject to nonsampling error (for a discussion of nonsampling variability, see ACS Technical Documentation). The effect of nonsampling error is not represented in these tables..Between 2018 and 2019 the American Community Survey retirement income question changed. These changes resulted in an increase in both the number of households reporting retirement income and higher aggregate retirement income at the national level. For more information see Changes to the Retirement Income Question ..The 2017-2021 American Community Survey (ACS) data generally reflect the March 2020 Office of Management and Budget (OMB) delineations of metropolitan and micropolitan statistical areas. In certain instances, the names, codes, and boundaries of the principal cities shown in ACS tables may differ from the OMB delineation lists due to differences in the effective dates of the geographic entities..Estimates of urban and rural populations, housing units, and characteristics reflect boundaries of urban areas defined based on Census 2010 data. As a result, data for urban and rural areas from the ACS do not necessarily reflect the results of ongoing urbanization..Explanation of Symbols:- The estimate could not be computed because there were an insufficient number of sample observations. For a ratio of medians estimate, one or both of the median estimates falls in the lowest interval or highest interval of an open-ended distribution. For a 5-year median estimate, the margin of error associated with a median was larger than the median itself.N The estimate or margin of error cannot be displayed because there were an insufficient number of sample cases in the selected geographic area. (X) The estimate or margin of error is not applicable or not available.median- The median falls in the lowest interval of an open-ended distribution (for example "2,500-")median+ The median falls in the highest interval of an open-ended distribution (for example "250,000+").** The margin of error could not be computed because there were an insufficient number of sample observations.*** The margin of error could not be computed because the median falls in the lowest interval or highest interval of an open-ended distribution.***** A margin of error is not appropriate because the corresponding estimate is controlled to an independent population or housing estimate. Effectively, the corresponding estimate has no sampling error and the margin of error may be treated as zero.

India IESH: RBI: Inflation Expectations: Retired Persons: One Year Ahead: Median data was reported at 9.400 % in Sep 2018. This records a decrease from the previous number of 10.300 % for Jun 2018. India IESH: RBI: Inflation Expectations: Retired Persons: One Year Ahead: Median data is updated monthly, averaging 10.350 % from Jun 2012 (Median) to Sep 2018, with 30 observations. The data reached an all-time high of 16.200 % in Sep 2013 and a record low of 8.100 % in Dec 2017. India IESH: RBI: Inflation Expectations: Retired Persons: One Year Ahead: Median data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Business and Economic Survey – Table IN.SC003: Inflation Expectations Survey of Households (IESH): Reserve Bank of India: Inflation Expectations: by Occupation.

Longevity Annuities Market Outlook

As per our latest research, the global longevity annuities market size reached USD 14.3 billion in 2024, reflecting a robust momentum in the retirement and pension planning sector. The market is expected to exhibit a CAGR of 9.7% from 2025 to 2033, with the total market size projected to reach USD 32.9 billion by 2033. This growth is primarily driven by increasing life expectancy, the rising need for retirement income security, and a growing awareness among consumers about the benefits of longevity annuities as a hedge against outliving their savings.

One of the most significant growth factors for the longevity annuities market is the demographic shift towards an aging global population. The World Health Organization estimates that by 2030, one in six people globally will be over the age of 60, highlighting the urgent need for sustainable retirement income solutions. Longevity annuities, which provide guaranteed income for life starting at a predetermined future date, are gaining traction as individuals and institutions seek to mitigate the risk of outliving their assets. This demographic trend is particularly pronounced in developed regions like North America and Europe, where the baby boomer generation is entering retirement in record numbers, driving up demand for innovative annuity products.

Another critical driver is the evolution of financial literacy and the increasing complexity of retirement planning. As individuals become more aware of the limitations of traditional pension systems and the volatility of investment-based retirement accounts, there is a marked shift towards products that offer stability and predictability. Longevity annuities, especially those with inflation protection and flexible payout options, are seen as essential tools in comprehensive retirement portfolios. Financial advisors and insurance providers are responding to this demand by expanding their longevity annuity offerings, tailoring products to meet diverse needs across different end-user segments, including individuals, corporates, and pension funds.

Technological advancements and regulatory reforms are also shaping the growth trajectory of the longevity annuities market. The proliferation of digital distribution channels, such as online platforms and robo-advisors, has made longevity annuities more accessible to a broader audience. Additionally, favorable regulatory changes in several countries, aimed at encouraging private retirement savings and annuitization, are fostering innovation and competition among market players. These factors, combined with the entry of fintech firms and the integration of advanced analytics for personalized product recommendations, are expected to further accelerate market expansion over the forecast period.

From a regional perspective, North America currently dominates the longevity annuities market, accounting for the largest share in 2024, followed closely by Europe and Asia Pacific. The high market penetration in North America is attributed to a mature insurance sector, strong consumer awareness, and supportive regulatory frameworks. In contrast, Asia Pacific is emerging as the fastest-growing region, driven by rapid urbanization, rising disposable incomes, and government initiatives to promote retirement savings. Latin America and the Middle East & Africa, while still nascent markets, are poised for steady growth as financial inclusion improves and awareness of longevity risk increases among their aging populations.

Fixed Annuities play a crucial role in the broader context of retirement planning, offering a guaranteed income stream that is particularly appealing to risk-averse individuals. These products provide a sense of financial security by ensuring a stable return, regardless of market fluctuations. As interest rates remain low, the attractiveness of fixed annuities has increased, prompting many retirees to consider them as a viable option for securing their financial future. The predictability and simplicity of fixed annuities make them a preferred choice for those who prioritize stability over potential higher returns associated with more volatile investment options. This trend is further supported by the growing awareness of the need for reliable income sources in retirement, as individuals seek to protect themselves against the uncertainties of economic conditions.

Immediate Annuities Market Outlook

According to our latest research, the global immediate annuities market size reached USD 125.8 billion in 2024, reflecting a robust demand for guaranteed income solutions amid increasing longevity and retirement planning needs. The market is experiencing a steady growth momentum, registering a CAGR of 7.1% during the forecast period. By 2033, the global immediate annuities market is forecasted to attain a value of USD 234.3 billion. This significant expansion is underpinned by the rising aging population, heightened awareness of retirement income security, and ongoing product innovation from insurance providers. As per our latest research, these factors collectively are accelerating the adoption of immediate annuities worldwide.

One of the foremost growth drivers for the immediate annuities market is the demographic shift characterized by an expanding elderly population. With life expectancy increasing globally, there is a mounting emphasis on securing stable post-retirement income streams. Immediate annuities, which offer a guaranteed income for life or a predetermined period, have become an attractive option for retirees seeking financial certainty. Governments and financial advisors are also promoting annuity products as a means to mitigate longevity risk, further fueling market demand. In addition, the shift from defined benefit to defined contribution retirement plans has transferred more responsibility onto individuals, prompting a surge in demand for products like immediate annuities that can provide predictable cash flows.

Another significant growth factor is the ongoing innovation in product offerings and payout structures within the immediate annuities market. Insurance companies are continually enhancing their product portfolios by introducing variable, indexed, and hybrid annuity products that cater to diverse risk appetites and income requirements. These innovations not only broaden the appeal of immediate annuities but also allow consumers to tailor solutions to their unique financial circumstances. For instance, the introduction of inflation-protected and joint-life annuities has addressed concerns related to purchasing power erosion and spousal financial security. Furthermore, the integration of digital platforms and advanced analytics is simplifying the customer journey, making it easier for individuals to compare, purchase, and manage annuity products online.

The evolving regulatory landscape is also playing a pivotal role in shaping the immediate annuities market. Regulators in key regions such as North America and Europe are introducing guidelines to enhance product transparency, consumer protection, and solvency standards for insurers. These regulatory advancements are boosting consumer confidence and encouraging wider adoption of immediate annuities. Additionally, favorable tax treatments and government incentives in certain countries are making annuities more attractive as part of retirement planning strategies. The increasing collaboration between insurers, banks, and digital platforms is further expanding the distribution reach, enabling more individuals to access and benefit from immediate annuities.

From a regional perspective, North America continues to dominate the immediate annuities market, driven by the high penetration of retirement products, well-established insurance infrastructure, and a large retiree population. Europe follows closely, benefiting from robust regulatory frameworks and growing awareness of retirement income solutions. Meanwhile, Asia Pacific is emerging as the fastest-growing region, supported by rapid economic development, rising middle-class affluence, and government initiatives to encourage long-term savings. Latin America and the Middle East & Africa are also witnessing gradual growth, though at a relatively slower pace due to lower financial literacy and limited product availability. Overall, the global immediate annuities market is poised for sustained expansion, supported by favorable demographic trends, regulatory support, and ongoing product innovation.

Product Type Analysis

The product type segment within the immediate annuities market encompasses fixed immediate annuities, variable immediate annuities, indexed immediate annuities, and other niche offerings. Fixed immediate annuities remain the dominant product, accounting for the largest market share in 2024. Their appeal lies in providing a guaranteed, predictable income st

Description

The Consumer Price Index for All Urban Consumers: All Items (CPIAUCSL) is a price index of a basket of goods and services paid by urban consumers. Percent changes in the price index measure the inflation rate between any two time periods. The most common inflation metric is the percent change from one year ago. It can also represent the buying habits of urban consumers. This particular index includes roughly 88 percent of the total population, accounting for wage earners, clerical workers, technical workers, self-employed, short-term workers, unemployed, retirees, and those not in the labor force.

The CPIs are based on prices for food, clothing, shelter, and fuels; transportation fares; service fees (e.g., water and sewer service); and sales taxes. The unadjusted series reflects all factors that may influence a change in prices. However, it can be very useful to look at the seasonally adjusted CPI, which removes the effects of seasonal changes, such as weather, school year, production cycles, and holidays.

The CPI can be used to recognize periods of inflation and deflation. Significant increases in the CPI within a short time frame might indicate a period of inflation, and significant decreases in CPI within a short time frame might indicate a period of deflation. However, because the CPI includes volatile food and oil prices, it might not be a reliable measure of inflationary and deflationary periods. For more accurate detection, the core CPI (CPILFESL) is often used. When using the CPI, please note that it is not applicable to all consumers and should not be used to determine relative living costs. Additionally, the CPI is a statistical measure vulnerable to sampling error since it is based on a sample of prices and not the complete average.

India IESH: RBI: Inflation Expectations: Retired Persons: Three Months Ahead: Median data was reported at 9.500 % in Sep 2018. This records an increase from the previous number of 9.400 % for Jun 2018. India IESH: RBI: Inflation Expectations: Retired Persons: Three Months Ahead: Median data is updated monthly, averaging 9.550 % from Jun 2012 (Median) to Sep 2018, with 30 observations. The data reached an all-time high of 15.500 % in Sep 2013 and a record low of 7.300 % in Dec 2017. India IESH: RBI: Inflation Expectations: Retired Persons: Three Months Ahead: Median data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Business and Economic Survey – Table IN.SC003: Inflation Expectations Survey of Households (IESH): Reserve Bank of India: Inflation Expectations: by Occupation.

The Canadian Financial Capability Survey (CFCS) is sponsored by Human Resources and Skills Development Canada, Finance Canada and the Financial Consumer Agency of Canada. Specifically, the survey will shed light on Canadians' knowledge, abilities and behaviour concerning financial decision-making. In other words, how Canadians understand their financial situation, the financial services available to them and their plans for the future. The survey is designed to collect information surrounding respondents' approaches to day-to-day money management and budgeting, longer term money management and general financial planning.

The global precious metal accounts market is experiencing robust growth, driven by increasing investor interest in alternative assets and a desire for wealth preservation amid economic uncertainty. The market, estimated at $15 billion in 2025, is projected to achieve a compound annual growth rate (CAGR) of 8% from 2025 to 2033, reaching approximately $28 billion by 2033. This growth is fueled by several key factors. Firstly, the ongoing inflation in many global economies is driving investors towards precious metals like gold and silver as hedges against inflation and currency devaluation. Secondly, increasing geopolitical instability and economic uncertainty are further boosting demand for safe-haven assets, making precious metal accounts increasingly attractive. The rise of digital platforms offering accessible investment options is also contributing to market expansion. Significant growth is anticipated in regions like North America and Asia-Pacific, reflecting strong economic activity and growing awareness of precious metals' investment potential. However, regulatory changes and fluctuations in precious metal prices pose potential challenges. The market is segmented by application (wealth preservation, tax planning, retirement planning, others) and type (investment accounts, savings accounts, others), offering diverse investment strategies catering to individual investor needs. Key players like IFB Bank, HSBC, and others are shaping the market through product innovation and strategic partnerships. The market segmentation highlights various investment strategies. Wealth preservation accounts dominate the application segment due to the inherent value stability of precious metals. Tax planning accounts are gaining traction as investors seek to optimize their portfolios, while retirement planning accounts offer long-term growth potential. The investment account type is most prevalent, offering flexibility in buying and selling precious metals. The geographical distribution shows strong growth prospects in North America and Asia-Pacific due to robust economies and growing investor sophistication. Europe also remains a substantial market, while the Middle East and Africa present emerging opportunities. Competition is intense among banks and specialized financial institutions, requiring continuous innovation and strategic partnerships to maintain a strong market position. The forecast period anticipates consistent growth, although fluctuating precious metal prices and macroeconomic conditions will inevitably influence market performance.

Household Costs Indices inflation rates, indices, weights and contributions for income deciles, tenure types, retirement status and households with and without children, monthly data.

Variable Annuities Market Outlook

As per our latest research, the global variable annuities market size stood at USD 240.7 billion in 2024, reflecting the growing demand for flexible retirement and investment solutions worldwide. The market is experiencing robust momentum, propelled by a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period. By 2033, the market is projected to reach a value of USD 388.2 billion, underscoring the sustained appetite for customized annuity products among both individual and institutional investors. The increasing need for retirement planning and wealth management, coupled with the evolution of distribution channels, remains a primary driver for this growth trajectory.

A key growth factor for the variable annuities market is the global demographic shift towards an aging population. As life expectancy rises and traditional pension schemes become less prevalent, individuals are increasingly seeking financial instruments that offer both investment growth and income security during retirement. Variable annuities are particularly attractive due to their unique combination of market-linked returns and guaranteed income options, which address the dual concerns of inflation risk and longevity risk. Moreover, regulatory reforms in several countries have encouraged the adoption of retirement savings products, further fueling market expansion. The flexibility offered by variable annuities, including optional riders for death benefits, living benefits, and withdrawal guarantees, continues to resonate with a broad spectrum of investors looking for tailored retirement solutions.

Another significant driver is the technological transformation within the financial services sector. Digitalization has streamlined the purchase and management of variable annuities, making these products more accessible and transparent to consumers. Online platforms and robo-advisory services are simplifying complex product structures and enhancing customer engagement, leading to a broader market reach. The integration of advanced analytics, artificial intelligence, and personalized financial planning tools enables providers to offer more customized annuity solutions, aligning with individual risk profiles and investment goals. This digital evolution is not only improving operational efficiency for insurers but also fostering greater trust and understanding among potential policyholders, thereby accelerating market adoption.

Additionally, the growing sophistication of financial advisors and distribution networks is playing a pivotal role in market development. Banks, insurance brokers, and independent financial advisors are increasingly equipped with advanced tools and training to educate clients about the benefits and risks associated with variable annuities. This professionalization of the distribution channel is reducing mis-selling and enhancing product suitability, which is critical in a market characterized by complex features and regulatory scrutiny. Furthermore, the emergence of hybrid distribution models, combining traditional and digital channels, is enabling insurers to tap into previously underserved segments, including younger investors and those in emerging markets. These evolving distribution strategies are expected to sustain the upward trajectory of the variable annuities market in the coming years.

From a regional perspective, North America continues to dominate the variable annuities landscape, accounting for the largest share of the global market. The region benefits from a mature financial ecosystem, high disposable incomes, and a well-established retirement planning culture. However, Asia Pacific is emerging as the fastest-growing market, driven by rising affluence, increasing awareness of retirement planning, and supportive regulatory frameworks. Europe also presents significant opportunities, particularly in countries with aging populations and pension reform initiatives. Meanwhile, Latin America and the Middle East & Africa are witnessing steady growth as financial inclusion improves and insurers expand their product offerings. This dynamic regional interplay is shaping the future contours of the global variable annuities market.

Type Analysis

The variable annuities market is segmented by type into Immediate Variable Annuities and Deferred Variable Annuities, each catering to distinct investor needs and risk appetites. Immediate variable annuities are designed for indivi

In 2019, the household savings rates in these selected developed countries ranged from *** percent of disposable income in Finland to **** percent in Switzerland. In 2020, the coronavirus (COVID-19) outbreak and lockdowns implemented by governments led to an increase in the savings rate worldwide, due to reduced consumption expenditure. Why do people save? Savings behavior differs from country, as shown in this statistic. In the United States, most people save for unexpected expenses or retirement. In countries such as Finland, the savings rate may be lower because retirees can rely on generous pension funds. Other reasons that households save include vacation, educational expenses, and home purchase. Factors that affect saving High inflation leads to lower household savings. The projected increase in prices means that people would rather buy immediately, because saving and buying later means paying a higher price. As such, countries with an inflation rate are less likely to have a high savings rate. Other factors include a cultural disposition towards saving mechanisms, such as the emphasis on home ownership seen in the United States.