New research among the over 55s by MGM Advantage shows that public expectations of the new guidance service are high. People would prefer to access the service face-to-face (35%), or using a website and then having face-to-face access (13%). Using the service via the phone only appeals to 4% of pre-retirees, and using new technologies like Skype only 1%.
When it came to asking what people expected having used the free guidance service, 4% said they wanted a basic understanding of their options at-retirement. 52% of the over 55s wanted advice or a detailed understanding on all of their options from using the service, while 44% said giving them the basic facts to prepare them to make up their own mind was what they would expect. 41% said they felt using the service should make them prepared to make the right decisions for their own personal situation.
When it comes to access, the majority (82%) of people said they thought it was important that they can use the service as many times as they want as they move through retirement. Only 6% felt it wasn’t important.
Andrew Tully, Pensions Technical Director, MGM Advantage commented: ‘People have high expectations from the guidance service. They want to feel equipped with a high degree of knowledge, with many instinctively preferring face-to-face contact and advice. This is a tall order given the resources available and the timeframe for implementation.
‘We need to think creatively about how and when people can access the service, promoting it as a national branded service and ensuring it is available when people need it. It is clear from our research that the hand-off to professional financial advice needs to be clear and signposted early on in the process to manage what people are expecting from the service.
‘We don’t have a huge amount of time to get this right, so a quick decision regarding the guidance operator is essential to enable them to start recruiting staff and planning so the service is up and running before April 2015.’
|
