The Great Pension Disruption
Pensions have historically been somewhat unloved. But in recent years, moves have been made to help educate, encourage, and engage those saving for their later years. Is it time for more drastic disruption though? Teamspirit has been keen to find out.
Pensions are complex. Which means communicating information about them can be equally as difficult. Especially when it comes to education and engagement. With that in mind, we asked four of our in-house experts for their views, and how their area of expertise could be used to improve how we navigate pensions.
In 2020, 67% of UK adults had not logged into their pension, and for those over 55 that figure rose to 78%!* But why are people turning a blind eye to their own cash and their own future? This must be giving providers, financial advisers, and wise friends everywhere quite the headache.
So we went straight to the source and asked people when they last looked at their pension and what might be stopping them engaging further.
What’s stopping us engaging?
Being a specialist financial agency, we love storytelling and stats equally. So following our real-life video research, we then unearthed some interesting insights and looked further into barriers that have put paid to pension progress.
** The Association of British Insurers: https://www.abi.org.uk/globalassets/files/publications/public/lts/2022/britain-things-pensions-dashboard-report-jan-2022.pdf