40% ‘not interested’ in pensions

computer working business
computer working business

Around 40 per cent of workers are “not interested” in their pensions or had failed to pay in, new research suggests.

Data from financial technology firm Wealth Wizards shows that 58 per cent would “struggle or panic” if they got an unexpected bill.

Twenty per cent had difficulty paying off debt, and 62 per cent said they had not been able to save, even though they wanted to.

The research comes as Wealth Wizards launches a regulated digital IFA this morning.

The IFA will be available through employers, and include apps and chatbots for both guidance or nudges on personal finance matters, and regulated pensions and investments advice.

The initial health check on the app generates “personalised recommendations” based on the responses, for example on workplace pension contributions and wider savings levels, but will refer to human IFAs where the app can’t assist.

The results of the research were gathered from 1,668 app users in a testing phase of the app prior to launch.

Wealth Wizards chief executive Andrew Firth says: “We’re delighted to bring MyEva to the workplace market as we know from experience that so many employers are looking to improve financial wellbeing in the workplace and importantly, measure the success of that improvement as part of their benefit and engagement programs.

“MyEva has been created with a personality that provides a supportive arm around the shoulders, nudging people to make better financial decisions that their future self will one day thank them for at an appropriate pace for all individuals, regardless of personal circumstances.

“At the same time, she will help employers develop policies and programmes that meet the needs of their employees so there is a double benefit.

“We hope MyEva will help usher in an era in which regulated financial advice is available not just to the wealthy but to everyone.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 1st July 2019 at 10:31 am

    Perhaps the first thing that people who claim not to be interested in their retirement funding need is a sharp reality check on what retirement with insufficient income is likely to look like.

  2. It’s all about educating people about pension without boring them too much and in the context of other financial priorities.

    Not all ER’s will take steps to support staff with this and not all pension providers will provide the same tools/support for customers.

    TPR/DWP TV adverts tell people they have access to a workplace pension and points them to gov. website which tells ’em what they are entitled to but it doesn’t tell ’em why they need and should save for a pension.

    Presumably this comes under MAPS remit now.

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