From the blog: Financial services is the least trusted industry of all. Those responsible for running pensions should think about what this means – and what it explains.
Research on trust in different industries around the world found a correlation between distrust of financial services and the issues the pensions industry is facing, such as:
- frustratingly low levels of engagement, despite expenditure on communication and education;
- individuals persistently refusing to join pension schemes, despite tax concessions and employers’ willingness to contribute;
- the need to auto-enrol millions of people into pensions, despite saving for old age being a sound idea.