Reward card points and lottery numbers checked more often than pensions

FOR IMMEDIATE RELEASE 20 AUGUST 2018

  • Nearly one in five (19%) of pension savers never check their balance
  • 45% regularly check their reward card points
  • Over a third (39%) regularly check their lottery numbers
  • Nearly half (43%) of women have no idea how much they have saved for retirement

Do you save into a pension and don’t know how much you’ve got in it, but could easily tell someone how many Nectar or Boots Advantage card points you have? Then you’re not alone. Like many pension savers across the UK, checking pension balances is low down on the priority list.

Analysis* of UK pension savers by NOW: Pensions revealed that just 25% of pension holders check their pensions balance at least monthly, whilst 19% have NEVER checked it at all.

In contrast, two in five (45%) say they check their reward card points at least once a month, whilst over a third (39%) make sure they’re on top of their lottery numbers. A third (34%) check on their mortgage balance at least monthly and a superstitious 18% check their horoscope at least once a month.

As a result, over a third (38%) say they have no idea how much they have saved for their retirement with women more in the dark than men with 43% stating they have no idea how much they have saved compared to 34% of men. Just 19% of men and women say they have a clear idea how much they have saved.

Amy Mankelow, Director of Communications at NOW: Pensions said: “We all love reward cards, but even if you’re a big spender, your Nectar points won’t pay for your retirement.

“The chances of winning the lottery are miniscule at 1 in 45,057,474**! But, if you paid in an extra £8 a month, the price of 4 lottery tickets, into your pension pot, then over 40 years you could have saved an extra £10,446.11*** – a guaranteed win.”

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For further information:

Amy Mankelow / Cheriton Alexander

NOW: Pensions

Tel: 0203 948 9234 / 0203 948 9236

amy.mankelow@nowpensions.com / cheriton.alexander@nowpensions.com

 

Ben Wright

Cicero Group

020 3841 9333

ben.wright@cicero-group.com

 

Notes to editors

*Research conducted by Opinium online between 12th and 14th June 2018 with 1,464 nationally representative UK adults aged 22-65.

** The odds of someone winning the lottery https://www.lottery.co.uk › Lotto

***Calculation made with NOW: Pensions own membership population. Somebody earning an average salary of £28,500 a year and paying auto enrolment legal minimum contributions currently at 3% from you (an employee) and 2% employer: £118.75 will be paid into their pension every month. Over a year this will amount to £1,425.00. In April 2019, these minimums increase to 5% from you and 3% from your employer which could see your annual pension saving rise to £2,280.00 per year.

NOW: Pensions www.nowpensions.com @nowpensions

NOW: Pensions is one of the UK’s largest workplace pension providers with over a million members and tens of thousands of employers from a wide range of sectors. A company wholly owned by Danish pension scheme ATP; one of Europe’s largest pension funds. NOW: Pensions entered the UK market in 2011 with a simple and cost effective workplace pension designed specifically with the auto enrolment market in mind.

Our broker recommended NOW: Pensions, as they believed it would be our best option. We have not been disappointed, the NOW: Pensions customer support teams are great and always available. — Bromborough Paint & Building Supplies Ltd
NOW: Pensions has a good technical infrastructure combined with a pension product suitable for our team. We couldn’t be happier with NOW: Pensions. — Martin Woods, SALT.agency
NOW: Pensions was attractive to us because the staff were very helpful and they sent over all the information required. This made the decision easy. — Metro Surveillance Group Ltd