50% of UK consumers think information around pensions and retirement is overwhelming, and 41% admit they have no idea what to do next after receiving it, according to new research published by Standard Life, part of Phoenix Group, which highlights growing demand for more effective saving communications and information on financial planning.
Standard Life’s Retirement Voice study found that over the past 12 months households have been hit by high inflation, rising interest rates and unsettled markets. This has taken its toll on consumer confidence and self-belief, with only 59% feeling confident making financial decisions now, down from 63% in 2022. Likely in response to this, more people are viewing third party support as useful – over four-fifths (83%) now think financial advisers are a useful source of support, rising from 73% last year.
Similarly, 76% say speaking with their pension provider or information on their pension provider’s website has been helpful (increasing from 70% and 71% respectively), while 72% say the same about pension provider literature (up from 65%) and 69% think this about their employer (up from 62%).
When it comes to the topics that people want information on to help their financial decision making, most demand is for knowing:
- How much money their pension will give them in retirement (47%)
- How much money is in their pension pot (46%)
- How to make sure they’re paying enough into their pension (32%)
When looking for guidance on pensions and retirement planning, people are most likely to turn to their pension provider’s website, with two in five (41%) saying they look at this at least once a year, followed by friends and family (39%) and internet guidance sites (39%). Those with a workplace pension are most likely to seek guidance from their employer (33%) and work colleagues (29%).