1 in 5 savers have never checked their pension

This article was originally published by People’s Partnership on May 29th, 2024.

A survey from the People’s Pension reveals:

Nearly a fifth of savers (19 per cent) have never reviewed how much is in their pension savings, new research from the leading workplace pension provider People’s Partnership has revealed. 

A survey from the provider of People’s Pension, conducted by YouGov, also found that 2 in 10 (21 per cent) savers check their pension just once a year while a fifth (19 per cent) check their retirement savings once a month or more often.

The research also found: 

• Nearly a third (32 per cent) of people don’t know how much they have saved in all of their pension pots.
• Only 1 in 10 pension savers had an app for their pension, compared to 9 in 10 people (91 per cent) who use one for banking, around 6 in 10 (58 per cent) who use an app to order food to be delivered and more than 4 in 10 (43 per cent) who check their investments on an app.
• More than 6 in 10 people (64 per cent would check their savings more often if they had a mobile app for their pension. 
  
  

David Meliveo, Chief Commercial Officer at People’s Partnership, said:

“At a time when most people aren’t saving enough for retirement, it’s worrying that the vast majority of 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. 

“Through initiatives like our new app and retirement planner, we aim to make it easier for workers to keep track of their savings and help them to make the right financial decisions for their future selves.”