NEW RESEARCH: More than half of Britons do not look for pensions information from any source
June 29, 2021 • 2 minute read
LONDON – Communications consultancy Infinite Global, in conjunction with leading market research group YouGov, today launches a report highlighting the uphill struggle faced by the UK pensions sector to win consumers’ trust.
The report, which includes interviews with senior industry commentators and leading financial journalists, looks at the findings of a YouGov poll on public attitudes towards pensions. The data indicates a clear lack of engagement on pensions across all age groups and demographics, with more than half (55%) of Britons saying they do not look for pensions information from any source. This is even more pronounced among 18-24 year-olds, where the proportion of people not looking for information about pensions at all reaches almost three-quarters (71%), and is even higher (83%) for those in full-time education.
Part of the trust and engagement problem seems to stem from not knowing where to look. A quarter of Brits (26%) get none, or very little, of their information about pensions from the media, instead favouring other sources. Only 15% said they get all, most or some of their information about pensions from the media as a trusted source. Moreover, this lack of engagement with media sources has been accompanied by a steady and consistent decline in the volume of mainstream media coverage of pensions issues over the past 10 years, according to a media analysis also carried out for the report.
Senior Content and Media Strategist at Infinite Global Matthew Gilleard, who led the report, said:
“This research and our conversations with senior sector commentators show that the UK pensions landscape continues to be characterised by, at worst, mistrust, and at best, scepticism and disinterest. Whether people are mystified or mistrustful, engagement is the clear loser. There is a perception that pensions are frightening, confusing and something to be dealt with in later life. Fear, apathy and more immediate financial pressures conspire to create inaction.
“The industry is unnecessarily weighed down by jargon and complexity, which only serves to bore, daunt and confuse. Auto-enrolment is a good starting point but there is a perception that current minimum contribution levels are sufficient. The message that this is not the case must be made loud and clear.
“The picture is stark and the lessons are simple. Employers need to urgently increase communications with employees around pensions provision, and policymakers and regulators need to simplify the pensions landscape to provide more consistency and certainty. Together, these actions will help to promote a healthier public attitude towards long-term saving.”
Infinite Global is a leading communications advisor to the pensions and financial services industry, as well as to professional services and corporate organisations, on the full spectrum of reputational issues. It recently hired Patrick Tooher, former Mail on Sunday Business Editor and Co-op Bank PR head, to lead its UK financial services practice.
About Infinite Global
Infinite Global is an award-winning international communications firm advising complex businesses which need to engage with sophisticated audiences. Specialising in PR, Content & Campaigns, and Crisis & Litigation, the firm provides the experience, skills and insight to drive brands forward or defend them from reputational risk. Infinite Global has offices in London, New York, Chicago and San Francisco.
About the research
All survey figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,050 adults. Fieldwork was undertaken between 24th – 25th November 2020. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).