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UK. Public trust in pensions rises, but reservations remain
Trafalgar House’s Trust and Confidence Index polled 2,000 people to assess how much they trust the pension industry and whether they believe it will meet their retirement needs. It asked participants to rate their trust in the pensions industry on a scale of 0 to 10, with 0 being “not at all” and 10 being “a lot”.
The index found that trust in the pensions industry increased to 5.26 out of 10 in 2023, up from 4.95 in 2022. This continues the recent positive trend, following 2021’s score of 4.63 and 2020’s 4.46.
It also shows a fall in negative scoring, with “do not trust at all” down 1.8% and “don’t trust much” down 1.3% – a combined 3.1% fall in negative responses.
However, almost six in 10 respondents said the industry has no impact on their retirement savings. Trafalgar House client director Daniel Taylor said the findings show that pensions are not “the predominant retirement plan” for most people.
“Although the lower negative trust score is good, this hasn’t translated into a broader positive feeling about retirement prospects,” he observed. “For trust in the industry to have negative or no impact on people’s savings habits is a dark cloud over the industry that needs to change.”
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