Research finds most people would be likely to use pensions dashboards
- Ipsos research finds that 57% of people would be likely to use pensions dashboards now
- more than 8 in 10 of those surveyed have at least one private pension which they could view on a dashboard
- around 16% of people have three or more private pensions
- dashboards will be free for people to use – but just under half of people said they would pay £5 per year for dashboards
Research from Ipsos for the Pensions Dashboards Programme (PDP) has found that the majority of people would be likely to use pensions dashboards. Of those surveyed, 57% said that they would be very or fairly likely to use dashboards now, with the possibility of more people displaying interest in dashboards when they become available to the public.
Pensions dashboards, which will allow people to view information on all their pensions in one place and find pension schemes they are members of, will particularly benefit those who have one or more private pensions alongside their State Pension. Ipsos found that 81% of people said they have a private pension, with 4 in 10 having two or more private pensions. [CC1]
Pensions dashboards will be free for consumers to use. To estimate the value to consumers of pensions dashboards, we asked consumers how much they would be willing to pay for a pensions dashboard service.
Just under half of people surveyed said that they would be willing to pay £5 per year for dashboards, and more than 3 in 10 would be willing to pay £10 per year. Younger people were found to attach a higher value to dashboards, with more than half of 18-29 year olds being willing to pay £5.
Chris Curry, PDP’s Principal, said:
“Ipsos’s research demonstrates that there is a clear appetite from the public to use dashboards to make decisions about retirement. It also shows that people place a high value on the pensions information that dashboards will bring together – even though it is a free service.
This presents a real opportunity to transform engagement with people about their pension savings. As pension providers and schemes begin connecting to dashboards, they should think about how this access to pensions information can be used in the future to involve dashboard users in conversations about retirement planning.
Thank you to Ipsos for carrying out this insightful piece of research.”
ENDS
Notes to editors:
More information can be found in the full research report.
About PDP
The Money and Pensions Service (MaPS) has established the Pensions Dashboards Programme team, led by Principal Chris Curry, to design and implement the ecosystem that will make pensions dashboards work and which will enable individuals to view all their pensions data via their chosen dashboard. Pensions dashboards will enable individuals to access their pensions information online, securely and all in one place, thereby supporting better planning for retirement and growing financial wellbeing. Dashboards will provide clear and simple information about an individual’s multiple pension savings, including their State Pension. They will also help them to reconnect with any lost pension pots.
The Pensions Dashboards Programme has its own website where news, blogs and reports will be published regularly – pensionsdashboardsprogramme.org.uk/
MaPS’ role in developing pensions dashboards
Government has committed to facilitating the pensions industry to develop this initiative and have given specific responsibilities to the Money and Pensions Service (MaPS) which include:
- bringing together a programme team to lead the implementation of pensions dashboards
- appointing an industry steering group to set the strategic direction of the programme
- beginning work to create and run a non-commercial pensions dashboard – the MaPS dashboard
About the Money and Pensions Service
The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime. The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
For further information visit the Money and Pensions Service website: www.moneyandpensionsservice.org.uk
Consumers can continue to access free guidance about their money and pensions via the following website: