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Workers check fitness data and social media more often than pensions, research finds

Three-quarters checked their savings balance, while 53% checked fitness statistics and 52% checked loyalty points or rewards.

Workers check fitness data and social media more often than pensions, research finds
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Workers checked their savings, fitness data and social media more often than their pensions, research from Pension Attention found.

Three-quarters checked their savings balance, while 53% checked fitness statistics and 52% checked loyalty points or rewards.

Social media and messaging were checked almost seven times more often than pensions, while email was checked about six times more often.

Among those who checked or reviewed their pension, 63% spent less than an hour doing so over the previous year.

While 61% said checking their pension on payday was important, only 15% opened their pension app or account within 24 hours of being paid.

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This compared with 76% who checked banking or finance apps, 49% who checked email, 45% who checked social media or messaging and 31% who checked shopping apps.

Separate polling found 15% had never checked how much was in their pension, while 10% last checked more than a year ago and 12% could not remember when they last checked.

More than one in five workers did not know or could not recall their workplace pension provider. 

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29% did not know how much they or their employer contributed.

The findings were released as part of Pension Attention’s Grow Your Pension campaign, which aims to encourage workers to check and understand their pension savings.

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Mark Smith, spokesperson for Pension Attention, said: “It’s understandable that people’s bank balance, their emails and social media feeds got so much attention in this experiment – they are all about the here and now. 

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“But the research highlights that two-thirds of us are burying our heads in the soil when it comes to retirement savings.

“Logging in to your pension app two or three times a year is a really easy way to see how your retirement savings are growing and gain confidence about what you’ll have for the future.”

Smith added: “Employers can play an important role by signposting staff to their pension provider and giving them clear information to help them understand what they have and how they can help it grow.”