Confused And Mistrusting

Confusion with the pension market and lack of trust in pension providers prevails according to a new survey by MORI Financial Services.

A third (33%) of people with a company pension do not know the type of company pension they have. It is even higher for young people with four out of ten (43%) of those aged 16-34 not knowing. Men are more likely to know the type of pension they have with only 27% saying they don't know compared to 41% of women.

Almost a third (31%) of the population do not trust pension companies. Those least likely to trust them are the less well off and the over 55s.

The message that the state will not provide for people in their old age seems to be getting through. Only 15% believe that the government will provide for them when they retire. The lower social classes and the older age groups are more likely to think they will be provided for, as are those living in Scotland.

Over a third (35%) do not trust the government to look after their money. The less affluent trust the government less than the higher earners. Four out of ten (41%) people with a personal pension plan would not trust the government with their money.

Technical details

Based on a survey conducted by MORI Financial Services (MFS) amongst the general public, 2,173 interviews were conducted between 27 June -- 2 July 2002.

Further data available on request.