Consumer focus on pensions is growing

MARK CLINTON, DIRECTOR, MD PENSIONS SOLUTIONS
MARK CLINTON, DIRECTOR, MD PENSIONS SOLUTIONS

Trying to write this piece without one eye on the electoral arena is tough.

I was going to focus on each party’s pensions stance. However, not only would that be dull but such proposals are far from set in stone and could change after the election.

There have been enough changes in policy over the past few years to highlight that, so instead of spitting in the political wind I have decided to focus on some recent good news.

Believe it or not, the number of people who say they are saving for a pension has seen a significant increase compared with this time last year.

According to last year’s MoneyMood survey by Legal & General, only one in five respondents said they were thinking of saving for a pension. But the figures for this year show a vast improvement to almost one in three.

Incorporated in these statistics is a battle of the sexes. The percentage of men who say they are thinking of saving for a pension has pretty much doubled to 40% compared with 21% in 2009.

This is a marked increase and accounts for the lion’s share of the overall rise as the figure for women has not gone up as much, although it has still risen to 25% from last year’s 20%.

In a nutshell, more people are thinking about their long-term plans. So as a broker you should be asking yourself if you have been grilling clients on their pension requirements. If not – why not? The demand certainly seems to be there.