Majority of Brits don't think dashboards will change their pension engagement

The majority (84 per cent) of Brits do not believe dashboards will change the way they manage their pension, research from MyPensionExpert has found.

The survey also revealed that less than a third (27 per cent) of respondents had heard of the government’s pension dashboard, and only 20 per cent understood what it was and why it was being launched.

Nearly two-thirds (60 per cent) of those surveyed opposed the use of technology to help them manage retirement finances digitally.

Over-55s were even more against the use of technology in managing their retirement finances, with over three-quarters (78 per cent) opposing their pension provider using more technology to help them manage their retirement finances digitally.

Knowledge of the dashboard was also lower amongst this subset, with 13 per cent stating that they knew what the dashboard was and why it was being launched, and just 5 per cent said it will change the way they engage with their pension.

This is despite more than a third (37 per cent) of all Brits stating that financial technology has made it easier to manage their finances.

Commenting on the findings, MyPensionExpert executive chairman, Andrew Megson, commented: “Financial technology has the potential to transform the way people prepare for retirement – it can make it easier to track down lost pensions pots, manage investments and access valuable information.

"However, our research shows there remains a reluctance to embrace fintech among pension planners in the UK.

“This warrants serious attention. Ultimately, both the pension sector and the government must take responsibility and educate the public – particularly older savers – about the benefits of using technology to manage their retirement finances.

“Hosting tutorials, or better promoting the benefits of digital pension management, for example, would be a positive start.

"Otherwise, we risk seeing generations of savers losing track of, or mismanaging, their pension. It is time for the pension sector, and pension planners, to truly enter the digital age.”

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