- 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.”
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
***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.