In particular, MaPS looked at the amount individuals have done to plan their future finances and the extent to which they understand enough to make the related financial decisions.
The Future Focus report was produced to support our work on the UK Strategy for Financial Wellbeing. Future Focus is one of the five pillars of the Strategy, with a goal of five million more people understanding enough to plan for, and in, later life.
Since 2012, automatic enrolment in pensions schemes has successfully created millions of new savers through a passive approach, and pension freedoms now give more options and flexibility. However, to get the best out of these options people need to know more and be confident making choices. As such, a shift from passive to active engagement must take place.
The results of this study suggest that the language of pensions products is still intricate and confusing, even for highly literate and numerate people.