UK. Enthusiasm for green pensions fails to translate
Although most savers say they want their pension to be invested responsibly, very few people auto enrolled into workplace schemes have moved their investments to sustainable funds.
That is according to research by Barnett Waddingham which found one in five savers (20%) said they thought ESG funds should be the default option for workplace pensions, regardless of return.
A further 26% said they thought this should be the case so long as the return is the same as a non-ESG fund.
Meanwhile, 45% of people with a workplace pension were indifferent, leaving a mere 9% who believed the default fund should not be ESG-focussed.
According to the research, 80% of people with a workplace pension have never made any changes to the funds they invest in, and a further 11% have only made a change once.
Older members aged 55 and above are particularly apt to stick to their original fund choices (91%).
Those aged 18 – 34 are more likely to review selections but still only one third (34%) have ever made changes to their investments.
Crucially, women are far more likely to have stayed in their default fund than men, at 85% compared to 75%.
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