|
|
Crisis? What Crisis? Consumer Attitudes to and Knowledge of PensionsPublished by: Datamonitor Published: Dec. 19, 2003 - 100 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 INTRODUCTION 13 What is this report about? 13 Who is the target reader? 13 How to use this report 13 Implications of our Findings Error! Bookmark not defined. CHAPTER 2 PLUGGING THE PENSIONS GAP 15 Background to the discussion 15 CHAPTER 3 WHAT PERCENTAGE OF SALARY DO YOU BELIEVE IS ENOUGH TO SAVE FOR A COMFORTABLE RETIREMENT? 17 Pension status 18 Region 19 Tenure 21 Social class 22 Age 23 Sex 24 Income 25 CHAPTER 4 ARE YOU EXPECTING FINANCIALLY TO BE ABLE TO CONTINUE YOUR EXISTING LIFESTYLE WHEN YOU RETIRE? 27 Sex 28 Age 28 Social Class 30 Tenure 31 Region 32 Pension status 33 CHAPTER 5 WHICH ONE OF THE FOLLOWING STATEMENTS COMES CLOSEST TO DESCRIBING HOW WELL YOU UNDERSTAND THE PENSION MARKET? 36 Age 39 Social Class 41 Tenure 42 Income 44 Region 45 Pension Status 46 CHAPTER 6 AND WHICH OF THESE FACTORS, IF ANY, WOULD MAKE YOU SAVE OR SAVE MORE INTO A PENSION? 47 Sex 48 Age 49 Social Class 50 Tenure 52 Region 53 Pension status 54 Income 55 CHAPTER 8 APPENDIX 57 What percentage of salary do you believe is enough to save for a comfortable retirement? 57 Are you expecting financially to be able to continue your existing lifestyle when you retire? 63 Which one of the following statements comes closest to describing how well you understand the pension market? 69 And which of these factors, if any, would make you save or save more into a pension? 81 Definitions 91 General life & pensions terms 91 Pensions 91 Distribution channels 94 Social class Definitions 96 Region definitions 96 Research methodology 100 Future readings 100 SPP writing team 100 How to contact experts in your industry 101 LIST OF TABLES Table 1: Saving rates required to retire on half and two-thirds of final salary in 2050, taking account of both state and private income 17 Table 1: What percentage of salary do you believe is enough to save for a comfortable retirement? Total 57 Table 2: What percentage of salary do you believe is enough to save for a comfortable retirement? Pension 58 Table 3: What percentage of salary do you believe is enough to save for a comfortable retirement? Location (1) 58 Table 4: What percentage of salary do you believe is enough to save for a comfortable retirement? Location (2) 59 Table 5: What percentage of salary do you believe is enough to save for a comfortable retirement? Tenure 59 Table 6: What percentage of salary do you believe is enough to save for a comfortable retirement? Class 60 Table 7: What percentage of salary do you believe is enough to save for a comfortable retirement? Age 60 Table 8: What percentage of salary do you believe is enough to save for a comfortable retirement? Sex 61 Table 9: What percentage of salary do you believe is enough to save for a comfortable retirement? Total Household Income (1) 61 Table 10: What percentage of salary do you believe is enough to save for a comfortable retirement? Total Household Income (2) 62 Table 11: What percentage of salary do you believe is enough to save for a comfortable retirement? Total Household Income (3) 62 Table 12: Are you expecting financially to be able to continue your existing lifestyle when you retire? Total 63 Table 13: Are you expecting financially to be able to continue your existing lifestyle when you retire? Sex 63 Table 14: Are you expecting financially to be able to continue your existing lifestyle when you retire? Age 64 Table 15: Are you expecting financially to be able to continue your existing lifestyle when you retire? Class 65 Table 16: Are you expecting financially to be able to continue your existing lifestyle when you retire? Tenure 65 Table 17: Are you expecting financially to be able to continue your existing lifestyle when you retire? Location (1) 66 Table 18: Are you expecting financially to be able to continue your existing lifestyle when you retire? Location (2) 66 Table 19: Are you expecting financially to be able to continue your existing lifestyle when you retire? Income (1) 67 Table 20: Are you expecting financially to be able to continue your existing lifestyle when you retire? Income (2) 67 Table 21: Are you expecting financially to be able to continue your existing lifestyle when you retire? Income (3) 68 Table 22: Are you expecting financially to be able to continue your existing lifestyle when you retire? Pension ownership 68 Table 23: Which one of the following statements comes closest to describing how well you understand the pension market? Total 69 Table 24: Which one of the following statements comes closest to describing how well you understand the pension market? Sex 70 Table 25: Which one of the following statements comes closest to describing how well you understand the pension market? Age 71 Table 26: Which one of the following statements comes closest to describing how well you understand the pension market? Class 72 Table 27: Which one of the following statements comes closest to describing how well you understand the pension market? Tenure 73 Table 28: Which one of the following statements comes closest to describing how well you understand the pension market? Total household income (1) 74 Table 29: Which one of the following statements comes closest to describing how well you understand the pension market? Total household income (2) 75 Table 30: Which one of the following statements comes closest to describing how well you understand the pension market? Total household income (3) 76 Table 31: Which one of the following statements comes closest to describing how well you understand the pension market? Total household income (4) 77 Table 32: Which one of the following statements comes closest to describing how well you understand the pension market? Location (1) 78 Table 33: Which one of the following statements comes closest to describing how well you understand the pension market? Location (2) 79 Table 34: Which one of the following statements comes closest to describing how well you understand the pension market? Pension 80 Table 35: And which of these factors, if any, would make you save or save more into a pension? Total 81 Table 36: And which of these factors, if any, would make you save or save more into a pension? Sex 82 Table 37: And which of these factors, if any, would make you save or save more into a pension? Age 83 Table 38: And which of these factors, if any, would make you save or save more into a pension? Class 83 Table 39: And which of these factors, if any, would make you save or save more into a pension? Tenure 84 Table 40: And which of these factors, if any, would make you save or save more into a pension? Location (1) 85 Table 41: And which of these factors, if any, would make you save or save more into a pension? Location (2) 86 Table 42: And which of these factors, if any, would make you save or save more into a pension? Pension Type 86 Table 43: And which of these factors, if any, would make you save or save more into a pension? Income (1) 87 Table 44: And which of these factors, if any, would make you save or save more into a pension? Income (2) 88 Table 45: And which of these factors, if any, would make you save or save more into a pension? Income (3) 89 Table 46: And which of these factors, if any, would make you save or save more into a pension? Income (4) 90 LIST OF FIGURES Figure 1: 5-10% of salary is judged by many to be the right amount to save for retirement (Total) 18 Figure 2: Those with stakeholder pensions are particularly keen on a 5-10% contribution rate 19 Figure 3: People in Wales are the keenest of all the regions in investing 10% of salary to save for retirement 21 Figure 4: Those renting from the local authority are most inclined to believe that saving is not worthwhile 22 Figure 5: The C2 class is more likely to feel that saving is not worthwhile 23 Figure 6: The retired now realize the importance of saving a high percentage of salary 24 Figure 7: Many more men than women believe that saving for retirement is not worthwhile 25 Figure 8: Those earning over £35,000 are keen on a 10% plus contribution rate 26 Figure 9: 59% of people expect financially to be able to continue their existing lifestyle when they retire 27 Figure 10: The sexes show equal confidence in their retired futures 28 Figure 11: A high number of those 65+ think themselves able to carry on their existing lifestyle once they have retired 30 Figure 12: All classes expect to be able to continue their existing lifestyle when retired 31 Figure 13: Those renting from the local authority are uncertain of their financial future 32 Figure 14: The Welsh are the most certain of their post retirement future 33 Figure 15: Those with no pension remain confident about their future after retirement 34 Figure 16: 20% of people have no knowledge or interest in pensions 37 Figure 17: More men claim a good understanding of pensions than women 39 Figure 18: 18-24 year olds have a low interest in pensions 40 Figure 19: Knowledge of pensions is broadly on a sliding scale according to social class 42 Figure 20: Those renting from the local authority have least interest in the pension market 43 Figure 21: Those with a household income above £50,000 are far more interested in pensions than those in the £9,500 to £19,999 bracket 44 Figure 22: The Welsh interest in pensions contrasts sharply to those in the East Midlands 45 Figure 23: Over 60% of those with a stakeholder pension count themselves as having a good or strong knowledge of the pensions market 46 Figure 24: Wage increases would be the key factor in driving increased willingness to contribute to pensions 48 Figure 25: Women are more resistant to pensions than men are 49 Figure 26: Younger people in particular feel bereft of advice and information on pensions 50 Figure 27: The DE social class are particularly shut out of the pensions debate 51 Figure 28: Those homeowners paying off a mortgage are particularly conscious of the cost of pensions 53 Figure 29: The North is particularly keen on cheaper pensions 54 Figure 30: Many of those with no pension remain unlikely ever to get one 55 Figure 31: Those earning above £50,000 see tax incentives as key to encouraging pensions saving 56 AbstractIntroductionThis report assesses mass market attitudes towards pensions and pension provision. It examines consumer receptiveness to saving for retirement and identifies who is underestimating the amount of savings required. Survey data is harnessed and fully analyzed culminating in key recommendations for life and pensions providers on how to get the pension message across. Scope 1000 mass market consumers were polled by NOP in an exclusive survey for Datamonitor. The results are analyzed by various socio-economic attributes The survey provides a comprehensive guide to consumers' attitudes towards and knowledge of pensions Report Highlights The £27 billion pension gap is one of the most pressing financial problems facing the UK, but the key driver is not a lack of awareness about the need to save - just 8% of our survey believe pension saving is not worthwhile. Reasons to Purchase Build understanding of why pension messages are failing to hit their target market For providers seeking competitive advantage in key market segments, the granular understanding of target customers this study provides is invaluable Scope Individuals are asked how much they need to save to fund retirement to assess which groups are likely to be making insufficient provision key policy options are tested to see what, if anything, can be done to change consumers' perceptions and prevent a worsening of the pension crisis Report Highlights A poor understanding of the actual level of savings required to fund a decent retirement income is evident, with just 30% of those surveyed recognizing the need to save more than the recommended 10% of salary. On this basis, it is likely many of the 59% who believe they can have the same standard of living as they do today will be disappointed. Reasons to Purchase The insights from this report are a key weapon in the industry armory to lobby the government for action on improving pension education Get Full Details About This Report >> |
|
|||
|
About MarketResearch.com
|
||||