Over one-fifth say pensions dashboard would encourage saving

Over one-fifth of Britons say the introduction of a pensions dashboard would “most encourage” them to save for retirement, a new survey has found.

The poll, conducted by advice firm LCP and YouGov, found that 21 per cent said a dashboard would be their preferred online technology, while 57 per cent of adults said they would not trust retirement guidance from a robo-adviser.

Support for the dashboard was consistent across all age groups, compared to support for the robo-advice, which climbed dramatically among the more tech savvy generation.

LCP senior partner, Bob Scott, said: “There may be some scepticism around innovations such as robo-advisers, but the survey results indicate that younger generations appear to be ready to embrace the power of technology when it comes to financial management and retirement savings.

“Advisers and providers therefore have an incentive to harness the benefits of new technology in order to cater to the next generation of savers and retirees, and to engage these future pensioners at an early stage.”

Earlier this month, Work and Pensions Secretary Esther McVey backed the industry to deliver the pensions dashboard, after months of speculation surrounding the project.

McVey said that the Department for Work and Pensions backed the industry to “take a leading role” in order to “harness their knowledge”, while the government continues to engage on the model.

The survey, with a sample size of 2,008 adults, also found 13 per cent of adults said that a smartphone app would make it easier for them to save for retirement.

“With a sizable number of adults saying that it would help them to save more, it could prove to be a compelling case study of just how powerful the application of technology can really be when it comes to making retirement saving easier – and more universal – than ever before.”

“The use of technology like the dashboard, coupled with auto-enrolment, has the power to drive not just awareness and interest but, crucially, savings levels. There are very few who think a working dashboard wouldn’t bring considerable benefits, once it gets off the ground.”

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