Pension Savings 2020
20 Mar 2020
60% of consumers own a pension
60% of consumers in the UK (66% of those who are not retired) have a pension, even if they are not currently making contributions into the plan/scheme. 91% of consumers owning a pension have a workplace pension and 68% have a private pension: 61% own both a private and a workplace pension.
Despite widespread ownership, pension holder knowledge and understanding of the pensions they own is often poor and patchy and the same can be said for their knowledge of their options for taking their pension in the future. This can sometimes lead consumers to make bad pension choices, which is all the more likely because only 50% of pension holders sought advice from professional sources before taking our/enrolling in their pension.
However, pension holders are willing to consult and use online services, which can allow them to select and manage their pension, and there is scope for paid-for online services to fill the knowledge gap as well as scope to offer free or low-cost services.
About the Pension Savings Report
This report is a consumer research report looking at how individuals are saving for their pensions. This covers the accumulation phase of the pension process, i.e. buying or taking out a pension product and saving for retirement. For this report, IRN Research commissioned research from MIS Group’s UK panel. The research was structured so that 2,077 nationally representative consumers aged 18+ were asked about their pension ownership and savings. This generated 1,253 individuals who owned a pension.
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