26th January 2017

Are pensions moving into the digital age?

In our latest Real Retirement report, we’ve taken a look at how people aged 45 and over use technology to manage their day-to-day lives. 

Most people won’t leave home without their smartphones and broadband is right up there with water and electricity as an essential utility these days. The evidence shows that our lives are now moving increasingly online.

So it won’t surprise you to learn that 84% of people aged 45 and over bank online, either through websites or apps. But does that affinity with online financial management transfer to managing their retirement finances?

Many people don’t feel in control of their pension

In a world where people aged over 45 check social media, stream music and pay bills online, are they also managing their pensions online?

It would appear not as 68% say technology is yet to have an impact on their retirement finances.

Our Real Retirement Report shows less than 28% of people aged over 45 feel in complete control of their pensions. That compares to 62% who are in full control of their day-to-day banking.

In addition, less than half of over 45s who have a pension manage it online (32% vs 69%), compared with 72% of those with savings and investments.

Your clients need your help

With so many people feeling they have little control over their pension, your clients definitely need your help.

As an adviser, you’ll always be in demand to help your clients make informed choices on how to invest their pension. But clients who are disengaged from their pension may not appreciate just how much you could help them.

The more often clients check their pension, the more connected they will feel. Where your clients have access to their pension performance online, encourage them to use it. These are the clients who are more likely to value regular appointments with you to keep on track for the retirement of their dreams.

We also found only 13% of people aged over 45 are using online technology to budget. This shows that in the digital age we live there’s still a key role for Financial Advisers in assessing client’s finances and identifying where their money goes. Your help is still as important as ever in helping clients plan the future, trim some of their financial fat and dial up their savings or pension contributions.

Download the Real Retirement report now

At Aviva, we believe that engaged clients are more likely to turn to financial experts like you as they will better understand and appreciate the value of your services.

Our latest Real Retirement report gives you solid insights into client behaviour that can help you understand and manage your clients better. After all, the more you know about their behaviour, the more you will be able to connect with them.

If you’d like to find out more, visit Aviva for Advisers to download and read the full report.

Tim Orton

CEO, Aviva Advised Platform

Partner Lead Story, Retirement, Pensions