Pensions admin is last on Brits' to do lists
Worrying research has found that hairdressing trumps pensions on people's to-do lists.
A massive 32% of Brits ranked pension admin last on their to-do list and are more likely to prioritise managing hair and beauty appointments and planning holidays, according to research published today (Tuesday) by Standard Life.
The analysis found that 22% of the 2,000 pension savers quizzed said they don’t check their pension annually because they don’t know what they should be doing and 16% don’t know where to access their pension information.
Gail Izat, managing director for workplace pensions at Standard Life, part of Phoenix Group said: “Sorting out your pension is one of those things that can easily fall to the bottom of the to-do list, however like any life admin task there’s a feeling of satisfaction when it’s done, and in reality taking a few basic steps to pay your pension some attention doesn’t need to be a major task.
“We know that people who actively engage with their retirement savings throughout their financial lives give themselves a huge head-start even simply by knowing how much they have saved and what they are likely to be able to afford in retirement.”
Even when consumers get around to pension admin, Standard Life’s research found that 27% only check their pension once a year or even less frequently, while 14% admit they’ve never even looked at theirs.
In addition, 13% don’t believe they have enough savings to engage with their pension and 12% don’t review theirs because it’s overwhelming.
The industry must do more to help savers, added Izat. She said: “Employers and pension providers can help people stay on top of their long-term savings by introducing engaging and targeted communications at each stage of life and, crucially, showing how pension saving forms part of people’s wider financial wellbeing - one piece of the bigger financial jigsaw.”
