Most older people don't trust the Financial Services industry. The lack of trust probably is equally shared by the young. This is not telling you anything new.
Worst still for the industry is the lack of understanding that older people have about the financial products they own. Retirement pensions is the largest financial instrument owned by people yet. Which, the consumer protection organisation, found that:
- (21%) say they have never checked how much they have saved in total in their pension pot(s)
- (37%) say they find it difficult to keep track of their pension pots
- (34%) say doing this is time consuming and
- (21%) say they would not know how to find out about the details of their pot(s)
So let's assume the industry was delivering a first rate pensions service to its customers they wouldn't know. Now that is a real problem for marketers.
Image via flickr