The dashboard is set to be more popular with women pension savers than men with 80% of women saying they’ll be likely to visit the dashboard versus 73% of men.
But, savers want it to be more than just a window to their savings with half (51%) stating that via the dashboard they’d like to be able to pay more into their pension and update their contact details for all pension providers.
Pensions Dashboard could help savers manage their money
Nearly two thirds of those surveyed (64%) say that being able to view all their pension savings in one place would help them to manage their retirement savings better. A greater proportion (67%) of women think the Pensions Dashboard will help them with their money management.
Currently, 19% of pension savers admit they never check on their pension and 25% only check annually.
Top things savers want the dashboard to be able to do
37% want to be able to pay more money into their pension
33% want to be able to update their contact details for all pension providers
32% want to see if they are on track with their pension savings against a benchmark or target
32% want to be able to transfer / consolidate pension pots
32% want to access their annual benefit statement
28% want access to guidance
Adrian Boulding, Director of Policy at NOW: Pensions said: “Support for the Pensions Dashboard is overwhelming. Getting it off the ground won’t be without its challenges but with government backing, and by making it compulsory, it has all be right ingredients to succeed.
“The dashboard has the potential to revolutionise the way people access information about their pension savings. At the moment savers have to complete the pieces of their savings puzzle themselves, or pay an adviser to help them. The dashboard will complete the jigsaw automatically, at the touch of a button. Sounds simple, but this is a huge step forward from where we are today.
“But, the technology needs to be future proofed. Simply providing a window to look in and see what’s there isn’t enough. Savers want to be able to do more and giving them the ability to do so could help improve their quality of life when they retire.
“In the future, savers should be able to top up their pensions at the touch of a button and move their pension pots with a simple drag and drop.”
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