Four out of 10 consumer struggle to interact with their pension provider, potentially putting retirement savings at risk.
A total of 42 per cent of consumer say they do not find it easy to contact or interact with providers, with one of four (25 per cent) saying the biggest reason for this is that their pension provider does not have an app. This was seen as more of a hindrance than the ability to contact the provider via telephone.
The research found that this is a particular issue for adults aged 35 to 44, with more than a third of this age group (36 per cent) saying too little information from providers was putting them off adding to pensions or investments
The survey, by Moneyhub, found that one in eight consumers (13 per cent) did not know who their provider was.
Moneyhub says that this difficulty in communicating with providers could be leading to poor customer outcomes. It says that providers should be looking to adopt technological solutions such as commercial pension dashboards and Open Finance to enable consumers to connect to and see all financial products in one place, including pensions.
It adds that this can enable people to make better long-term financial decisions and embed healthier money habits.
Mark Horwood-James, managing director at Moneyhub personal finance technology says: “Consumers are saying loud and clear that pension and investment providers can be doing more to help them make better financial decisions.
“The ability for consumers to see a holistic picture of their finances enables them to make decisions that can improve their long-term financial health. Pension and investment providers could have a huge impact in this area, creating brighter futures for their customers and their businesses.
“The UK Government’s new Smart Data sharing laws (DPDI) and Pensions Dashboard announcement – alongside the continued emergence of Open Finance is accelerating the race to deliver customer-centric solutions. And the next few years will rapidly reveal who leads, and who gets left behind.”
