Pension savers: average person has 2.4 pots, while 10% don’t know
8th June 2023 13:14
by Alice Guy from interactive investor
interactive investor research published as pension dashboards delayed until October 2026.
New research from interactive investor reveals that pension savers have an average of 2.4 pension pots and 10% of pension savers don’t know how many pension pots they have.
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With the average person juggling 2.4 pension pots and younger people with three on average, it’s extremely disappointing that pension dashboards have been delayed for so long. Pension dashboards will give people access to all their pension information in the same place, making it easier to keep track of multiple pots, promoting engagement and better decision-making.
interactive investor commissioned Opinium to carry out research on a sample of 2,000 people in May 2023.
Average pension pots | Average | Men | Women | 18 - 34 | 35 - 54 | 55+ |
Average number of pension pots | 2.4 | 2.6 | 2.1 | 3 | 2.3 | 1.9 |
% don't know how many pension pots | 10% | 11% | 9% | 9% | 9% | 11% |
Data from survey conducted by Opinium in May 2023, based on UK representative sample of 2,000 people. Data relates only to those with a pension.
Alice Guy, Head of Pensions and Savings, interactive investor, comments that: “The average pension saver is juggling 2.4 pension pots and this problem is likely to get worse. Younger people under 35 already have an average of three pension pots and will build up even more as they move around jobs during their career.
“It’s a disaster for pension savers that the urgently needed pension dashboards project has been pushed back as late as 2026. Pension dashboards will help pension savers keep track of their pensions and will make it easier to see if they’re on track for a comfortable retirement.
“The government is going to have to work hard to convince a sceptical industry the dashboard project will ever actually see the light of day.
“Everyone agrees the delivery of dashboards would be good for consumers, especially if they start to incorporate functionality and guidance tools.
“A logical policy response to the delays is to look for ways to accelerate industry consolidation of pension provision. In theory, fewer, bigger pension providers would make dashboards delivery easier to achieve.
“In the meantime, pension investors should take it upon themselves to consolidate their pension pots as far as they are able, rather than relying on the industry to get its ducks in a row.”
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