Nearly a fifth of savers (19 per cent) have never reviewed how much is in their pension savings, new research from the leading workplace pension provider People’s Partnership has revealed.
A survey from the provider of The People’s Pension, conducted by YouGov, also found that two in 10 (21 per cent) savers check their pension just once a year while a fifth (19 per cent) check their retirement savings once a month or more often.
The research also found:
- Nearly a third (32 per cent) of people don’t know how much they have saved in all of their pension pots.
- Only one in 10 pension savers had an app for their pension, compared to 9 in 10 people (91 per cent) who use one for banking, around six in 10 (58 per cent) who use an app to order food to be delivered and more than four in 10 (43 per cent) who check their investments on an app.
- More than six in 10 people (64 per cent would check their savings more often if they had a mobile app for their pension.
David Meliveo, Chief Commercial Officer at People’s Partnership, said:
“At a time when most people aren’t saving enough for retirement, it’s worrying that the vast majority of savers have never checked their pensions – leaving them with no idea how much they’ve saved, or maybe even where it’s saved.
“For most people it’s now an everyday habit to use apps for shopping, banking, or even investing, but when so few pension savers check their savings that way, it’s clear that the industry could do much more to engage their members and help them plan for their future.
“Through initiatives like our new app and retirement planner, we aim to make it easier for workers to keep track of their savings and help them to make the right financial decisions for their future selves.”
The People’s Pension app allows its 6.7 million members to check how much they have in their account, how the scheme is investing their money, and aims to help them plan financially for their future. The app will be regularly updated to include new features, which will soon include the newly launched Member Rewards, which are special offers and deals available only to members of The People’s Pension.
ENDS
Notes to editor:
- People’s Partnership provides The People’s Pension, the largest independent master trust in the UK, serving more than six million pension savers across the UK and manages more than £27bn in assets. As a business without shareholders, it reinvests its profits with the aim to help customers and achieve better financial outcomes for everyone.
- All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,084 adults, of whom 1,403 had pension savings. Fieldwork was undertaken between 28th – 29th March 2024. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).
The new app from The People’s Pension allows members to keep your personal details up to date, see how their pensions are invested and prepare for later life with useful articles and tools.