UK. Pension communications ‘failing to engage’ more women than men
The FCA’s Financial Lives research revealed 60% of women are unaware of the charges on their defined contribution (DC) pension compared to 44% of men, while 57% of women have not reviewed how much their pension is worth in the last 12 months compared to 46% of men.
Additionally, 14% of women admitted they do not read their annual statement, more than double the 6% of men who do not read it.
More than half of women (53%) did not choose where their pension is invested compared to two fifths (40%) of men, while the majority of both women and men have not reviewed where their pension is invested, at 84% and 71% respectively.
Just Group is calling for more scrutiny of the effectiveness of pension communications after it revealed the FCA’s data shows the current approach to pension communications means women (12%) are less than half as likely to be highly engaged with their pension as men (26%).
Just Group group communications director Stephen Lowe said: “Sending out information is easy, but the hard part is presenting it in a form that engages and informs a wide range of people.
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