A recent survey found that three in five workers and people aged 65 and under who have pension savings and are looking for work, have no idea how much they have saved for their upcoming retirement.  Human resource experts are highly concerned that this lack of knowledge might prevent savers from making the most of the pensions freedom and choice agenda after April 6th.

The survey was conducted by YouGov on behalf of B&CE, provider of The People’s Pension, a large private sector multi-employer scheme in the UK.

Contrary to the aforementioned data, almost 90% of people know how much money is in their bank account, while almost 75% of respondents know how much they have in other savings accounts.  Overall, however, women were far less likely to know how much they saved in their pension than men.

Numerous HR experts feel that the data isn’t overly surprising.  Many people reported that they find it difficult to keep track of their savings, especially when they have more than one pension pot in different schemes. 

Due to all of the concern, HR officials like the Pensions Minister, the Financial Conduct Authority and the Work and Pensions Select Committee are calling for a pensions dashboard.  They are requesting a one-stop-shop for savers that would alleviate any confusion and allow pensions to be managed with ease.  The survey found that public opinion was divided when it came to who should be responsible for producing the pensions dashboard.  While there is division surrounding the technicalities of the request, most people agree that the dashboard should be one of the government’s priorities.