Financial literacy is “not where it needs to be” in the UK, meaning savers may make the “wrong decisions” at retirement, Legal & General head of defined contribution (DC) investments Jesal Mistry has warned.
Speaking during a panel discussion on Tuesday (11 March) at the Pensions and Lifetime Savings Association's Investment Conference in Edinburgh, Mistry said when it comes to making decisions on pensions, savers may make the wrong, or no, decisions, so the industry "needs to help savers" with this. He urged that, due to "so much uncertainty" around pensions, the industry needs to "build on engagement". Mistry said it is not about educating savers, but about engaging with them to ensure they have the skills to make informed decisions about their pensions and retirement. Hymans Roberts...
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