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Brits More Thoughtful on Pensions
For a change, some good news on the topic of pensions in the UK. Research by Marketing Sciences Financial (MSF) has identified a number of positive developments, including a slight turnaround in perceptions of the industry and an increased likelihood to save.
The latest wave of the agency's Retirement Planning Monitor, now in its fifth year, shows that the impending 'A'-Day changes are likely to have a positive impact on saving amongst Britons. Of the new regulations, being able to pay into any number of pensions looks likely to have the greatest impact, with nearly a quarter saying they will save more as a result.
The report suggests that the possibility of having to work beyond 65 will also have a positive impact on long-term savings habits, with a quarter saying they will save more (or start saving) as a result.
A recent trend towards mistrust of the industry has at last seen a slight improvement - more people now agree that 'you can trust most financial institutions'. Associate Director Nigel Hufton comments: 'The survey indicates a number of positive developments for the industry, such as a less negative image and the possibility of greater saving levels by the population. It's good to be the bearer of good news, although there is a long way to go.'
MSF also made a detailed study of the Pensions Commission proposals, and found that over half of Britons started to think more about their retirement as a result of the wide media coverage of the Turner Report. Less than a quarter are against its idea that working people who do not contribute to a pension should be compelled to by Government.
The Retirement Panning Monitor was conducted face-to-face amongst a random sample of 1,000 Britons aged 22-64 in December 2005, using the PanelWizard panel. Marketing Sciences is online at www.marketing-sciences.com
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