Despite the recent £8m TV campaign from the DWP, research by online pension adviser, Wealth Wizards, has shown that by the end of 2015, an alarming thirty-eight per cent of working Britain’s still do not know what auto-enrolment is or realise that they are entitled to a workplace pension.
Since 2012, more than 5.4 million people have been automatically enrolled into a workplace pension but the research suggests that many people are still unaware of the scheme or have not been offered any information by their employer.
The research also showed that one in three (35 percent) of working people said that they had never been provided any access to pension advice by their employer. Even more surprisingly, more than thirty per cent of people who have a workplace pension, said that they had no idea what they are getting.
Andrew Firth, CEO of the UK’s first robo-adviser Wealth Wizards said: “Despite efforts over the last year, it is clear that employers need to do more to support their staff with pension auto-enrolment and pensions advice. 1.8 million small and micro-employers are due to enrol their staff into workplace pensions in the next three years and it is concerning that there is still a lack of awareness.
“Providing employees with access to low-cost pension advice will ensure that they fully understand their entitlement and are more engaged in the process. This will guarantee that employees are clear on the benefits a pension can bring, which in turn will help to secure their futures.”
The research showed that 18-24 year old working people are the least aware, with over fifty per cent of people stating that they don’t know what auto-enrolment is.
The research was conducted by Populus for Wealth Wizards in November 2015 with a representative sample of 2,000 people. Wealth Wizards was founded in 2009 and has helped to develop expert online regulated financial advice in the UK.