"Anxious and overwhelmed" savers resoundingly back the concept of targeted support despite fears over data consistency and a lack of trust in the industry, a report from the Standard Life Centre for the Future of Retirement has revealed.

The study found that consumers welcomed the potential of targeted support to provide more relevant help with retirement income decisions, greater direction, and the filtering out of information that isn't relevant.

Panellists viewed the service as providing both an emotional and practical benefit, as discussions consistently highlighted feelings of anxiety about the complexity of accessing savings.

Indeed, participants recognised that the service wouldn't provide fully personalised recommendations, but rather segment-based suggestions, and understood that they would retain responsibility for their decisions.

However, those with larger pension pots and more complex financial affairs were less
enthusiastic than others, and some highlighted that the service would likely be a stepping stone to a further conversation with a financial adviser.

Standard Life Centre for the Future of Retirement head of public engagement and campaigns, Cath Sermon, said that too many savers felt overwhelmed when trying to make decisions about their pensions.

"Our study shows that even people with a good grasp of other financial areas of their lives, such as mortgages or ISAs, often feel confused about pensions," she continued.

This can lead people to feel anxious, overwhelmed and worried about the risks of making uninformed decisions.

"What we've found is that people really like the idea of targeted support helping them whittle down their options."

While the study identified overwhelming backing for the service, several concerns were raised.

In particular, participants were concerned about the potential for contradictory information from different providers, and expressed a lack of trust in the industry to always act in consumers' best interests.

To varying degrees, they also lacked trust in the government, the wider economic climate, and regulators. Many said that they didn't even trust themselves or their own financial capabilities when it comes to making pension-related decisions.

Standard Life said that this scepticism meant that panellists questioned whether they can trust providers to make suggestions that prioritised customers' interests, not just their own.

Therefore, consumers were most receptive to targeted support when they saw it as providing relevant information and choice, or protecting them from harm, rather than as a means of selling anything.

Discussions also emphasised that online tools would not be enough to provide reassurance and clarity around potential courses of action, and people would like the option to speak to someone, even if just as a backup.

Sermon stressed that consumers are "sceptical" that providers will always act in their best interests, and consistency really matters to them, with concerns about potential variability in the suggestions they receive having the potential to leave them more confused.

"These are important issues to address," she warned.

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