Two-thirds of pension savers don’t know who manages their pension in an alarming “understanding hole”, in line with new analysis.
The quantity rises to four-fifths of individuals aged over 65.
Only one in 20 pension savers over-65 stated they knew “an ideal deal” about who manages their pension.
The analysis from public relations company WA Communications revealed that customers are under-informed relating to realizing how their pensions and investments are allotted, whereas almost two-thirds of adults can’t inform totally different monetary merchandise aside.
Cat Ommanney, head of economic companies at WA Communications, stated: “Our analysis paints a stark lack of awareness relating to shoppers’ understanding of how their cash is being managed, with pensions apparently a thriller to most.”
Of notice to Monetary Planners is the truth that the identical ignorance, though much less dramatically, was echoed relating to individuals’s investments.
Two-fifths of respondents admitted to realizing little or no about the place the cash of their funding portfolio is invested and the determine climbed to just about half for girls.
Ms Ommanney stated: “Though we have been heartened to notice that individuals are higher engaged with their investments, the truth that almost half of ladies don’t know what they’re investing in ought to converse volumes to asset managers and monetary advisers.”
The analysis additionally checked out shoppers’ attitudes to the variety of monetary merchandise in the marketplace.
Two-thirds surveyed stated that the variety of monetary merchandise makes it troublesome to inform them aside, with almost 1 / 4 of these aged 25-34 strongly agreeing that they’re confused by the variety of choices accessible.
Ms Ommanney stated: “Whereas the monetary companies panorama is more and more crowded, it seems that there exists an understanding gulf between companies and their goal audiences. Slightly than merely launching new merchandise to market, it’s time for firms to spend money on higher communication, closing the understanding hole and creating an knowledgeable and empowered public.”
• WA Communications surveyed greater than 2,000 adults in October this yr.