A survey by pension specialists More about Portafina reveals that 83% of Brits do not understand what a pension is and only a third know how much they’re paying into their pension pot.
With auto-enrolment pensions set to rise from 2% to 3%, it’s important for Brits to understand what this means and why knowing what your pension is and how it works is essential. Although your pension payment is present on your payslip, 83% of Brits do not know what their pension is.
A study conducted by pension specialists Portafina discovered that this pension confusion is could be down to two key factors:
- It’s too far away to prioritise
- Not enough being done in the education system
Extensive research across the education system, asking parents and the British public whether more should be done to help educate children on financing and pension responsibilities.