The majority (57 per cent) of people would likely use pensions dashboards, new research from Ipsos for the Pensions Dashboards Programme (PDP) has revealed.

The research found that 57 per cent of respondents would be very or fairly likely to use dashboards now, though it said there was “the possibility of more people displaying interest in dashboards when they become available to the public”.

Although dashboards will be free for consumers to use, the research asked respondents how much they would be willing to pay for a pensions dashboards service to estimate the value to consumers of the service.

This revealed that just under half of those surveyed would be willing to pay £5 per year for dashboards, and more than three in 10 would be willing to pay £10 per year.

Younger people were found to attach a higher value to dashboards, with more than half of 18–29-year-olds being willing to pay £5.

Additionally, the research examined the usefulness of dashboards, finding that 81 per cent of those surveyed had at least one private pension which they could view on a dashboard and around four in 10 had two or more private pensions that could be viewed.

PDP principal, Chris Curry, commented: “Ipsos’s research demonstrates that there is a clear appetite from the public to use dashboards to make decisions about retirement.

"It also shows that people place a high value on the pensions information that dashboards will bring together – even though it is a free service.

“This presents a real opportunity to transform engagement with people about their pension savings.

"As pension providers and schemes begin connecting to dashboards, they should think about how this access to pensions information can be used in the future to involve dashboard users in conversations about retirement planning."

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