Almost one in five savers (19 per cent) have never reviewed how much is in their pension savings, according to research from The People’s Pension.
The survey shows a similar proportion (21 per cent) check their pension just once a year. However, it also found that around 20 per cent of savers are far more engaged with retirement savings, checking their pots at least once a month.
Overall though this the report found that many people were in the dark when it came to their retirement savings. The research found that nearly a third (32 per cent) of people don’t know how much they have saved in across of their pension pots.
It also found that only one in 10 pension savers had an app for their pension. This compares to around nine in 10 people (91 per cent) who said they use an app regularly for their banking, and four in 10 (43 per cent) who check their investments on an app.
Away from the world of finance The People’s Pension found that six out of 10 people use an app regualarly to order food.
It also found that 64 per cent of respondents said they would check savings more often if they had a mobile app for their pension.
The People’s Partnership chief commercial officer David Meliveo says: “At a time when most people aren’t saving enough for retirement, it’s worrying that many savers have never checked their pensions – leaving them with no idea how much they’ve saved, or maybe even where it’s saved.
“For most people it’s now an everyday habit to use apps for shopping, banking, or even investing, but when so few pension savers check their savings that way, it’s clear that the industry could do much more to engage their members and help them plan for their future.”
The People’s Partnership has recently launched a new app and retirement planner for its master trust, The People’s Pension. This allows members to check how much they have in their account, how the scheme is investing their money, and aims to help them plan financially for their future.
