Bite-Sized Insights: 1 in 5 Parents Don’t Have a Pension But Would Like One
For this week’s bite-sized insights topic, we were interested to find out about parents and pensions. Take a quick read of this week’s bite-sized insights to find out what parents are saying about their pension.
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We asked our Insights panel of parents to tell us how often they review their pension arrangements. Here’s how they answered:
We also asked “Any other thoughts on pensions?” Comments from our panel members included:
“How to get a pension as a stay at home mum is it even an option I don’t think so?”
“Def would love some information on this. I’ve often thought of it but keep putting it off.”
“I’d like to know the benefits for my children if I pass away before my pension is used and how inheritance tax on pension would work.”
“It would be great to get advice on what to look for when choosing a broker. I know a lot of them are tied to a particular company, so I feel their advice may not be impartial but I may be wrong.“
Actionable Insights for Financial Brands
- The most common feedback we got from parents on the subject of pensions was that they are difficult to understand and are thus intimidating. Content that helps parents with this tricky subject could be a good way of building trust.
- Social media content could be effective to reach out to parents. For example, a 101 pensions video series that clearly breaks down the steps one needs to take to get set up with a pension could help dispel some of the myths that make pensions seem daunting to parents.
- Some parents told us that they wished that they had started their pensions sooner but weren’t aware of their benefits when they were younger. But as it’s never too late to start or add to your pension, how are you engaging parents around the topic to attract them to you for consultation?
- Want to find out exactly what it is parents want are looking for when planning retirement? We can help! Contact us to start your parents insights journey.