Awareness about the existence of stakeholder pensions is much higher in men than women, according...
Awareness about the existence of stakeholder pensions is much higher in men than women, according to a survey conducted by Barclays & Legal & General, and is higher in those with internet access than those without.
Worringly, overall awareness of the new pensions product has yet to reach half of the UK's adult population, findings of the survey conducted by research firm BMRB International ACCESS suggest only 47% are aware of stakeholder pensions as well as who and what they are designed for.
However, as well as discovering a gender and internet gap, a "work gap" is emerging which shows part-time workers are 17% less likely to know about stakeholder than full-time employees.
Adrian Boulding, Legal & General's Pensions Strategy Director commented on the findings:
"It would seem that there is a direct relationship between the people least aware of stakeholder pensions and those most likely to need one. A recent survey we carried out of employers showed that 91% of employers with five or more staff were aware of the introduction of stakeholder pensions. I would bet that most consumers who are not aware of stakeholder pensions work for a firm that will have a statutory obligation to offer them one."
Paul Riley, Marketing Director Barclays Investment Management added:
"Stakeholder pensions are so flexible and ideal for women, especially those working part-time or at home with families. Our research clearly shows that as an industry we still need to get the message across that people need to save for their future".
Legal & General announced last year it has signed a deal to supply life and pensions products to Barclays' customers, following a decision by Barclays to shut down its life office operations.
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