Men are considerably more aware of the introduction of stakeholder
pensions than women, according to research by Barclays and Legal & General.
The life office, which recently agreed a deal with the bank to provide its
pensions products have found that more than half of men have heard of
stakeholder pensions compared with just 41 per cent of women.
But according to the survey it is not only gender which determines
stakeholder awareness. Factors including whether someone is employed
full-time or has access to the internet, are having a impact on the level
of public knowledge. Sixty-one per cent of those in full-time work are
aware of stakeholder while just 44 per cent of those working part-time have
heard of the Government's scheme.
Among those with internet access, more than 60 per cent of respondents
know of stakeholder but just 39 per cent of those without web access knew
of its introduction.
The banks believe there is a direct relationship between the people least
aware of stakeholder and those most likely to need one. The research found
over 90 per cent of employers with at least five staff having an awareness
of stakeholder, but the banks claim the individuals least aware are likely
work for a firm which has a statutory obligation to offer one.
Barclays Investment Management marketing director Paul Riley says: “Our
research clearly shows that as an industry we still need to get the message
across that people need to save for their future.”