“That said, the financial services sector cannot afford to be complacent in these efforts. Indeed, regulatory bodies have a duty to promote any efforts to increase pension engagement. Again, making information about the benefits of the dashboard more accessible will be vital – hosting workshops and tutorials (live or virtual), for example, would be incredibly beneficial.
“Likewise, independent financial advisers should incorporate fintech education into their advice. Encouraging clients to ask questions and explore the various ways in which they could benefit from the Dashboard, or indeed fintech in general, could transform the way they manage their retirement finances.
“It will take a cross-sector collaboration to ensure the success of the Pension Dashboard, and ultimately, this will come down to whether Britons have access to the right information.
“Otherwise, they will likely remain oblivious to the benefits the Dashboard could offer.”
In late July, the PDP released an update on where the organisation is with its plans and following qualitative user research, it noted there was “widespread, positive reaction to the concept of dashboards”.
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