Engagement with pensions rises despite only 13% receiving advice in past year

Consumer engagement and activity is on the rise when it comes to pensions even though only 13% have received financial advice on their pension in the last 12 months.

This is according to a report from Boring Money, ‘Pension Report 2024 – The Consumer Focus’, which showed that 75% of British adults who are not retired have at least one pension. Additionally, 12% of UK adults have a private pension.

Despite over six in 10 finding pensions confusing, this has not stopped pension activity and engagement increasing.

In 2022, 5% had consolidated their pension, with this figure now rising to 8%. Over two thirds (67%) have checked a pension annual statement in 2024, compared to 59% in 2022.

Also, 60% have logged into an online pension account in 2024, compared to 52% in 2022, and 6% have opened a new private pension, up from 4% in 2022.

Boring Money said: “Consideration of financial advice remains strong, and events such as the upcoming Budget are likely to further increase the need for advice.”

Almost a fifth of all non-retired UK adults aged 55 and above are considering talking to a financial adviser over the next 12 months.

The report also shows the value of advice when it comes to feeling prepared to retirement, as 80% of advised non-retired pension holders aged 55+ agree with the statement, “I have a retirement plan and I’m confident about how I will fund my retirement”.

This compares to less than half of those who have not had any advice on their pension in the last five years.

Boring Money CEO Holly Mackay said: “Activity is up across the board over the last two years. People are looking at their pensions more, opening more accounts and also consolidating.

“It’s great to see increasing engagement form consumers as pensions join the mainstream, very slowly taking their place as a ‘normal person’s’ product not a ‘rich person’s’ product.”

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