Two thirds of Brits surveyed have little or no faith in the government when it comes to pensions, according to research conducted by life and pensions company Friends Provident.
A key reason for the lack of trust is the government’s running of the state pension, the research suggests. According to the research, 87% of non-retired residents who took part in the survey feel the government is failing in its aim to provide a state pension that will adequately help fund their retirement and just 3% believe the current state pension is adequate to live on in later life.
A fifth of those surveyed said that their faith had been eroded to a point where they had lost confidence in the government handling their pension. Almost half of the adults are acting to remedy their personal situation by actively saving for retirement and a further one in four intends to start saving shortly.
But Brits have their own manifesto to help the government regain trust. Almost half said a larger and fairer state pension would increase faith in the government the most; 12% said being automatically enrolled in a workplace pension would aid confidence; while 9% called for an equal balance between private and public sector pensions.
The research shows that adults place greater trust in a pensions provider and employer, than in the government when it comes to handling their pension pot.
Jeremy Ward, head of pensions marketing at Friends Provident, said: It is important for people dissatisfied in the government’s handling of pensions to take responsibility for their own future and make provision for their retirement while they are still working.