Home Business News Quarter of over-55s have no pension pot

Quarter of over-55s have no pension pot

by LLB Finance Reporter
13th Apr 21 10:35 am

Almost a quarter of over-55s (23%) in the UK have no pension, according to new research by online personal storage platform myFRP, indicating a bleak financial future ahead for many having to rely on state payments

The research, which looked into people’s attitudes towards personal finances, revealed only 27% of the UK keeps track of their pension plans and investments. More women than men are without a pension (21% have no additional plan aside from a state pension, compared to only 16% of men).

Those aged 25-34 are most likely to have pension plans in place, with only 12% admitting they do not. Industry-wide, those working in sales and media are least likely to have a pension, with 18% having nothing apart from a state pension, while those in finance or IT and telecoms are the most likely to have a pension, with only 6% left without one.

Those in the arts are most likely to keep track of their pensions and investments, with 60% keeping a close eye on their finances, next to only a third (32%) of those in finance and only 28% of those in the legal profession.

Married people are most organised when it comes to tracking financial affairs, with a third (33%) paying close attention to all pension plans, compared to only 22% of divorcees and just 18% of those in a relationship.

Time for employers to step up

Nearly a third of Brits (31%) say employers could do more to make pension and insurance plans more transparent and easier to access and track, with only 39% saying employers make these financial details easy to keep track of.

Workers in the travel industry find their pension and insurance plans are least transparent: only 30% believe these are simple to track, next to half of healthcare workers.

The research indicates a need for more secure online tools to help people collate and store their private information safely, and where information can be accessed by nominated friends or family members if needed. myFRP is an innovative personal storage platform where users can keep important information in one hack-tested place. Users can nominate specific people to access different types of their private information and feel confident that only those they feel comfortable doing so, will take care of their social media accounts and other personal information in the event of a sudden tragedy.

Bernerdine Noronha, the innovator behind myFRP, commented: “Our research shows a worrying number of Brits will be without much financial support in their later years, which paints a bleak picture of the reality for workers in the UK.

“We can also see that many Brits find it difficult to keep track of things like pension plans and employer insurance, leaving many confused and without a clear picture of what kind of support they are receiving from their employer, and how their finances are looking. We need workplaces to do more to make these things easier to keep track of and to understand, and more investment in tools that allow people to keep an eye on their personal data and financial information.”

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