UK - Pensions are losing popularity as a savings vehicle for retirement, research by Marketing Sciences reveals.
Nearly half of the 1034 British adults surveyed by the firm said they would prefer to save in some other way than a pension, occupational or private.
Cartwright Consulting director David Pettitt said he was not surprised that people were losing faith in pensions.
He said: “There has been a general fog of bad press on pensions so people think whatever kind they take out won’t be as good as it should be.”
Concern about stock market unpredictability, mistrust of financial institutions and the confusing nature of pensions seem to have fuelled the move to alternative methods of saving.
Pettitt added: “We’re going through a lot of pain at the moment but that will help us understand that investment doesn’t produce magic results.”
Nearly half of respondents agreed that the unpredictability of the stock market would make them avoid taking out a pension.
Some 63% said they found pensions confusing while 41% do not trust anyone to invest their money safely.
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