Brits with a pension admit they don’t know where it is invested

Almost a third (32%) of British consumers with a pension admit that they don't know where it is invested, according to latest research from Standard Life.

A large number of people are pushing the thought of long term financial provision to the back of their mind with almost a quarter of adults with a pension (23%) admitting that they do not care about their pension. It is not only pensions that are neglected with more than half of the population (53%) admitting that they would need to have more than £10,000 in any type of savings (cash ISA etc.) before they would seek financial advice on how to invest.

Of those who have a pension, one in ten (10%) said they had not reviewed their fund since they set it up and could not be 100% sure how it is invested.

Mark Polson, Head of Customer Management at Standard Life said: "It won't surprise many financial advisers that consumers care more for cars and jewellery than financial assets but it is surprising that even those consumers with large pension pots neglect to look after their investments. Advisers are clearly best positioned to help people with savings to try and meet their long term goals.

He continued "It's shocking that a pension has to be eight times the value of jewellery before most consumers care about it. We need to educate people that taking even the smallest steps, such as looking into a pension and seeking financial advice, has the potential to make a dramatic long term difference. It's time for consumers to reality check their attitudes to saving and advisers are best positioned to help them achieve this."

To support a generation of under savers, Standard Life has launched a website which includes tips and tools to help plan your financial future: getarealitycheck.co.uk