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Parents think ‘pensions dashboard’ would help them save, says Mumsnet survey

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DAD.info

25 Aug 2017

Nine in 10 parents believe having information about all their pension savings in one place online will help them save more for their retirement, a survey has found

 

A survey from Mumsnet found 90% of parents believe such a move will boost their ability to save.

The research was carried out on behalf of the Association of British Insurers (ABI), which is overseeing the creation of an online “pensions dashboard” service.

The service will help people find all the pension savings belonging to them among over 80 million pension pots, along with information about their state pension.

Seven in 10 (70%) of people said they had either lost track of pensions or know where they are but not what they are worth, leaving 64% worried about not having enough money in retirement, the research among more than 1,200 parents found.

The ABI said it was was keen to gain insight from Mumsnet users about how online pension information could make a difference as parents are particularly likely to take career breaks, return to lower paid work and have gaps in their pension saving.

Yvonne Braun, director of long-term savings and protection policy at the ABI, said: “Despite the success of automatic enrolment it is widely recognised that most people are not saving enough to meet their expectations of retirement.

“It is encouraging that so many Mumsnet users say having access to all their pension information online would help them take action to save more.”

Justine Roberts, Mumsnet founder and chief executive, said: “We know that parents, and mothers in particular, are more likely to have gaps when they’re not able to save into a pension.

“This makes it even more important they have some easy way to see how their retirement is shaping up, whether they’ll have enough money to live on, and what they can do about it.”

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