Dashboards: Public awareness needs significant work, research finds

KPMG reported this week that around 80% of UK adults it surveyed were unaware of the pensions dashboard project. This is despite years of work by the industry, ongoing testing by the Pensions Dashboard Programme, and the final statutory deadline for scheme connections approaching in October.

Older respondents were less likely to have heard of the prospective introduction of dashboards. The majority (81%) of those aged 55 to 64 had not heard of the concept, rising to 87% of those aged 65 or older – although dashboards will not display pensions in payment.

Younger people are more likely to be more aware, with almost a third (30%) of those aged 18 to 24 saying they had heard of dashboards. 

However, the same research also found that respondents felt positively about the potential impact of the dashboards, with more than half saying they were likely to use it. Those aged 35 to 44 were most positive, with 71% likely to use it.

Huw Evans, head of insurance at KPMG, said: “Pensions dashboards have the potential to be a powerful tool, helping people to better understand the value of both their state and private pensions and make informed decisions for the future.

“The pensions sector and the Pensions Dashboards Programme have worked tirelessly to connect over 60 million records to date, but the scale of the task has inevitably meant that promotion has taken a back seat.

“Our research is a reminder that the work must start now to step up awareness of pensions dashboards, especially among the age groups closest to retirement…

“There is a lot more to do to drive up awareness and explain how dashboards will help people save into pensions, understand potential future retirement income, and track down lost pension pots.”

Overall, KPMG found that 13% of UK adults were very unlikely to use the pensions dashboard, citing concerns about data security and unsolicited product advertising.