A new report by Defaqto has highlighted the need for drastic changes to the focus of the pension investment industry in the UK.
The Pensions Report presents the findings of the consumer research conducted as part of the investigation, showing that savers need to be encouraged to change their views on long-term saving and management of their assets.
Dr Ros Altman, a pensions adviser and guest speaker at the report's launch, said consumers had become disillusioned with the UK pensions market and their "loss of faith in investing" was damaging the UK's economic future.
"This excellent report provides a timely reminder of just how serious the UK pensions crisis really is," Dr Altman said.
"This comprehensive survey evidence confirms what most people in the industry have been seeing for years now - that most people have lost faith in investing in pensions."
One of the report's contributors, Defaqto's head of pensions Matt Ward, said that market players needed to "identify consumer needs and then deliver solutions to match and support these" in order to encourage people to begin investing regularly for their retirement.To read more about self invested personal pensions (SIPPs), click here.
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