Pension pot size a mystery for most
By Tom Carnegie, 5 Feb 18
Three quarters of UK workers do not know the value of their pension fund, while a fifth of consumers aged over 55 will not trust anyone when it comes to getting financial advice, according the Chartered Institute for Securities & Investment (Cisi).
The most trusted person a worker in the UK would go to for advice was a qualified financial adviser (46%), which is an increase from 41% when this question was asked in a Cisi survey in 2016.
A good friend/relative came in second at 28%, followed by a bank with 25%, online guidance at 20% and the government at 8%.
Nearly a fifth of over 55-years-olds said they would not trust anyone.
Simon Culhane, Cisi chief executive, said: “The lack of knowledge on the part of the general UK public relating to pensions has emerged as a worrying theme in our survey.
“A pension is likely to be the biggest single asset owned by an individual – more than a shared house – yet receives little attention,” he said.
Tags: CISI
