Pension research reveals people are 'daunted' and 'unprepared'

DWP has published research, co-funded by PADA, which it explains is designed to ‘…set out to explore individuals’ attitudes towards planning and saving for later life and included an audience segmentation of people of working age.’

The Press Release tells us that there are 3 basic segments of people that are ‘…grouped together based on the common attitudes and behaviours…’. It adds, ‘The research uncovered three overarching attitudinal types that suggest where individuals differ in their money management behaviour.’

Someone obviously swallowed a dictionary when they wrote those lines. DWP are supposed to employ people to convert jargon into plain English, but I think this particular Press Release passed them by.

It then wonderfully reveals that these are: spenders, apportioners and money growers. Hardly jaw dropping revelations, then!

However, I do like the terminology that they’ve come up with for the five groups of people who share common attitudes and behave similarly to each other. Three of those are the daunted, the unprepared and those with the competing priorities. I’ve left the best two for you to read yourself. I’d never have thought the DWP would have come up with such modern titles for the remaining categories. See:

Publication of DWP summary of key findings from 'Individual attitudes and behaviours around planning and saving for later life.' (DWP) (Press release)