{"id":17306,"date":"2023-09-11T15:01:07","date_gmt":"2023-09-11T15:01:07","guid":{"rendered":"https:\/\/fintechrobos.com\/?p=17306"},"modified":"2023-09-11T15:01:07","modified_gmt":"2023-09-11T15:01:07","slug":"58-of-uk-adults-have-low-confidence-in-their-pensions-knowledge","status":"publish","type":"post","link":"https:\/\/www.menamoney.org\/ar\/58-of-uk-adults-have-low-confidence-in-their-pensions-knowledge\/","title":{"rendered":"58% of UK adults have low confidence in their pensions knowledge"},"content":{"rendered":"

Only 11% believe that their knowledge is good<\/strong><\/p>\n

Research from Phoenix Group\u2019s longevity think tank, Phoenix Insights, has revealed that UK adults\u2019 pensions knowledge is poor, and that there are significant differences in levels of knowledge.<\/p>\n

The research found that more than half (58%) reported low confidence in their pensions knowledge. Over a quarter (28%) said they knew little or nothing about pensions. However, this rose to 41% among adults under 35. Just 11% of adults reported that their knowledge of pensions is good.<\/p>\n

Analysis of responses showed that men were 1.4 times more likely than women to report having good pensions knowledge.<\/p>\n

Also, nearly two-thirds (64%) of adults in the highest income bracket claimed to have good or reasonably good knowledge about pensions, compared to 30% of those in the lowest income bracket.<\/p>\n

Patrick Thomson, head of research and policy at Phoenix Insights, commented: \u201cPensions are the main source of income for most people in retirement \u2013 whether this comes from the state pension or a personal pension \u2013 yet understanding is typically very poor. And we found that there are wide disparities in pensions knowledge throughout the population.<\/p>\n

\u201cThe knowledge gap is most apparent when looking at differences in income, with those in the highest income bracket three times more likely than those on the lowest incomes to report good pensions knowledge.<\/p>\n

\u201cWe need to close this gap so people aren\u2019t disadvantaged when it comes to having the knowledge that allows them to make better financial decisions for their future.\u201d<\/p>\n

Friends, family and government websites<\/strong><\/h3>\n

The research also found that most people turn to informal sources such as friends and family (18%) for information on pensions and retirement, followed by government websites (17%).<\/p>\n

Thomson said: \u201cSpeaking to friends and family is a good way to engage with pension topics, but people need to be aware that these are informal sources of information.<\/p>\n

\u201cIn order to boost understanding and pensions engagement, Phoenix Insights is urging the government to commit to a clear timeline for reviewing the current boundary between regulated advice and guidance, so that a larger proportion of the population can access reliable and tailored financial support.<\/p>\n

\u201cLet\u2019s debunk the myth that pensions are only a concern for those nearing retirement age by engaging people with more frequent, simple and varied communications throughout the course of their life.\u201d<\/p>\n

Source: International Advisor<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Only 11% believe that their knowledge is good Research from Phoenix Group\u2019s longevity think tank, Phoenix Insights, has revealed that UK adults\u2019 pensions knowledge is poor, and that there are significant differences in levels of knowledge. The research found that more than half (58%) reported low confidence in their pensions knowledge. Over a quarter (28%) […]<\/p>\n","protected":false},"author":4,"featured_media":17307,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-17306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n58% of UK adults have low confidence in their pensions knowledge - MenaMoney<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.menamoney.org\/ar\/58-of-uk-adults-have-low-confidence-in-their-pensions-knowledge\/\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"58% of UK adults have low confidence in their pensions knowledge\" \/>\n<meta property=\"og:description\" content=\"Only 11% believe that their knowledge is good Research from Phoenix Group\u2019s longevity think tank, Phoenix Insights, has revealed that UK adults\u2019 pensions knowledge is poor, and that there are significant differences in levels of knowledge. 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