insight
Evidence type: Insight i
Qualitative research is more exploratory, and uses a range of methods like interviews, focus groups and observation to gain a deeper understanding about specific issues - such as people’s experiences, behaviours and attitudes.
Quantitative research uses statistical or numerical analysis of survey data to answer questions about how much, how many, how often or to what extent particular characteristics are seen in a population. It is often used to look at changes over time and can identify relationships between characteristics like people’s attitudes and behaviours.
The Money and Pensions Service (MaPS) was tasked by government to create and run a Pensions Dashboard to help individuals access their pensions information online, securely and all in one place, and enhance the service MaPS offers to help people with their pensions and plan their financial future.
A key consideration for the MaPS Dashboard is that once people are able to see what they have in their pensions, this will trigger questions. This means there is a need to help consumers better understand what they have and how they can use that information to help them plan for later life and, importantly, help avoid potentially detrimental decisions.
This research is separate to, but largely complementary to, the qualitative research commissioned by the Pensions Dashboards Programme (PDP), which focused on understanding likely system requirements and how potential users might react to information presented to them, including partial information about their pensions.
The research was conducted by YouGov, an independent research agency in December 2019, and comprised online surveys with 2,000 employees. The data was weighted to be representative of British business size. The survey was commissioned by Aegon, a provider of financial services and advice and founding member of the Initiative for Financial Wellbeing.
Feedback from research participants’ qualitative interviews have been summarised into the following headline findings:
A high likelihood to use a pensions dashboard in general was observed across all audiences.
The majority of users are happy to create a profile as they see value in having more tailored, personalised information and guidance.
Tools that allow users to play around with contributions, retirement ages, lifestyles and retirement options are seen as the most valuable.
PwC Research