New research reveals widespread acceptance of government-backed pensions dashboards
08 October 2019
Ipsos Mori have published research that favours the introduction of pension dashboards - tools designed to present a clear and concise picture of an individual’s pension investments, with the inclusion of their state pension allowance, all consolidated in one place. A staggering two-thirds of respondents felt that they would be a useful financial monitoring tool and this positive response was particularly prevalent within the younger demographic.
Most support was shown for the tool being government-backed as only 47% of responders stated that they would be worried about the security of their data in this scenario, as opposed to a staggering 65% who would have the same fears should a private company run the dashboards. The issue of data security along with the accuracy and transparency of information were a few of the concerns surrounding potential pension dashboards, with scepticism towards the idea of companies attempting to use the dashboards as a platform to advertise and coerce people into buying goods.
The results show that 29% of respondents had more than one pension and that those with multiple pension schemes were concerned about locating details for all of their pensions, both current and historic. There were understandably higher levels of support for the dashboards amongst these people and from those who had regularly moved jobs, resulting in a plethora of pension schemes.
The government formulated a response to the consultation on pensions dashboards back in April 2019 and there is yet to be a date announced for the official introduction of the tools.
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