Our 2020 Trust & Confidence Index, that took the views of over 4,000 members of the general public on their savings and views on the pensions industry, revealed that the overall Trust Score for pensions was just 4.56 out of 10. The research also showed that a staggering 71.2% of people felt they will have slightly or much less than they would need to live comfortably in retirement. Here we take a look at how these two significant figures break down regionally across Great Britain and take a look at where trust and confidence are particularly low.
Trust in pensions
As we break this trust down across regions, it’s clear there is a real disparity between areas for how much they trust the pensions industry.
The East of England, London and, perhaps a little more surprisingly, the North of England all scored above the average.
Conversely, the South of England, the Midlands, Scotland and Wales all scored below the average for their trust in the industry.
For Scotland and particularly Wales, there was a notable difference in their score from other regions. This is something that should prompt more targeted support in these areas.
Confidence in retirement savings
In terms of confidence in living comfortably in retirement, there are some similarities with the trust scores, but also some interesting differences – potentially connected to the cost of living in different parts of Great Britain.
Interestingly, Scotland, who scored very low for trust, was the most confident of the regions for having enough for retirement. The Midlands and the South of England were both more confident than average, having scored lower for trust. London was also more confident than average as a region.
The East of England and the North of England both rated less confident than the British average for having enough to live on, despite scoring their trust in pensions more highly. Unsurprisingly given their low trust score, Wales also showed the least confidence in having sufficient retirement savings.
Joe Anderson is Business Development Manager at Trafalgar House.
Download a full copy of the Trust & Confidence Index 2020.