{"id":2055,"date":"2015-03-17T10:21:05","date_gmt":"2015-03-17T10:21:05","guid":{"rendered":"https:\/\/strategicsociety.org.uk\/?p=2055"},"modified":"2015-03-17T10:21:05","modified_gmt":"2015-03-17T10:21:05","slug":"defined-capability-pensions-financial-capability-and-decision-making-among-retirees","status":"publish","type":"post","link":"https:\/\/strategicsociety.org.uk\/defined-capability-pensions-financial-capability-and-decision-making-among-retirees\/","title":{"rendered":"Defined Capability: Pensions, financial capability and decision-making among retirees"},"content":{"rendered":"<p><strong>The April 2015 &#8216;pension freedoms&#8217;\u00a0represent an historic change, breaking with the so-called &#8216;annuities deal&#8217; that has provided the basis of UK pension policy since the Finance Act of 1921.<\/strong><!--more--><\/p>\n<p>However, policymakers have lacked detailed quantitative evidence on the financial capability of Defined Contribution (DC) pension savers approaching retirement, and on how financial capability changes through later life.<\/p>\n<p>This research, which analysed data from Wave 3 of the <strong>Wealth and Assets Survey<\/strong> (WAS), found:<\/p>\n<ul>\n<li><strong>Limited experience of financial products<\/strong> among DC savers approaching retirement, with one quarter of this group possessing neither a savings account nor an ISA;<\/li>\n<li>An age-related &#8216;<strong>liquidity bias<\/strong>&#8216;, with the amount individuals have in their current account increasing in older age groups, even as levels of financial wealth decline;<\/li>\n<li><strong>Low levels of financial engagement<\/strong> &#8211; such as monitoring financial &#8216;best-buy&#8217; tables &#8211; among DC savers, with engagement levels declining steadily with age.<\/li>\n<\/ul>\n<p>The research has been authored by the\u00a0<strong>Strategic Society Centre<\/strong>\u00a0in partnership with\u00a0<strong>NatCen Social Research<\/strong>, and has been made possible by the support of the\u00a0<strong>Joseph Rowntree Foundation<\/strong><span style=\"font-family: arial, 'helvetica neue', helvetica, sans-serif;\">\u00a0(JRF).<\/span><\/p>\n<p>You can download a copy of the research here:\u00a0<strong><a href=\"https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/10\/Defined-Capability-Pensions-financial-capabiltiy-and-decision-making-among-retirees.pdf\">Defined Capability: Pensions, financial capabiltiy and decision-making among retirees<\/a><\/strong><\/p>\n<p><strong>Authors: <\/strong>James Lloyd (Strategic Society Centre), Chris Lord (NatCen Social Research)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The April 2015 &#8216;pension freedoms&#8217;\u00a0represent an historic change, breaking with the so-called &#8216;annuities deal&#8217; that has provided the basis of UK pension policy since the Finance Act of 1921.<\/p>\n","protected":false},"author":2,"featured_media":2045,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[8],"tags":[73],"acf":[],"uagb_featured_image_src":{"full":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-scaled.jpg",2560,1732,false],"thumbnail":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-150x150.jpg",150,150,true],"medium":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-300x203.jpg",300,203,true],"medium_large":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-768x520.jpg",768,520,true],"large":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-1024x693.jpg",1024,693,true],"1536x1536":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-1536x1039.jpg",1536,1039,true],"2048x2048":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-2048x1385.jpg",2048,1385,true],"et-pb-post-main-image":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-400x250.jpg",400,250,true],"et-pb-post-main-image-fullwidth":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-1080x675.jpg",1080,675,true],"et-pb-portfolio-image":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-400x284.jpg",400,284,true],"et-pb-portfolio-module-image":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-510x382.jpg",510,382,true],"et-pb-portfolio-image-single":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-1080x731.jpg",1080,731,true],"et-pb-gallery-module-image-portrait":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-400x516.jpg",400,516,true],"et-pb-post-main-image-fullwidth-large":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-2880x1800.jpg",2880,1800,true],"et-pb-image--responsive--desktop":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-1280x866.jpg",1064,720,true],"et-pb-image--responsive--tablet":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-980x663.jpg",814,551,true],"et-pb-image--responsive--phone":["https:\/\/strategicsociety.org.uk\/wp-content\/uploads\/2015\/02\/162335435-480x325.jpg",399,270,true]},"uagb_author_info":{"display_name":"Trevor Sather","author_link":"https:\/\/strategicsociety.org.uk\/author\/trevor-2\/"},"uagb_comment_info":0,"uagb_excerpt":"The April 2015 &#8216;pension freedoms&#8217;\u00a0represent an historic change, breaking with the so-called &#8216;annuities deal&#8217; that has provided the basis of UK pension policy since the Finance Act of 1921.","_links":{"self":[{"href":"https:\/\/strategicsociety.org.uk\/wp-json\/wp\/v2\/posts\/2055"}],"collection":[{"href":"https:\/\/strategicsociety.org.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/strategicsociety.org.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/strategicsociety.org.uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/strategicsociety.org.uk\/wp-json\/wp\/v2\/comments?post=2055"}],"version-history":[{"count":0,"href":"https:\/\/strategicsociety.org.uk\/wp-json\/wp\/v2\/posts\/2055\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/strategicsociety.org.uk\/wp-json\/wp\/v2\/media\/2045"}],"wp:attachment":[{"href":"https:\/\/strategicsociety.org.uk\/wp-json\/wp\/v2\/media?parent=2055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/strategicsociety.org.uk\/wp-json\/wp\/v2\/categories?post=2055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/strategicsociety.org.uk\/wp-json\/wp\/v2\/tags?post=2055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}