Research carried out by Opinium for the fintech firm Gretel found that 30 per cent of respondents believe they may be in the dark about some of their pension savings
Around a third of adults in the UK suspect that they may have a pension pot that they are either unaware of or have not considered earlier.
Research carried out by Opinium for the fintech firm Gretel found that 30 per cent of respondents believe they may be in the dark about some of their pension savings.
Around three in 10 UK adults also believe they have at least one lost or dormant investment vehicle, bank account, child trust fund or life insurance policy. The average amount estimated to be held in these accounts was £34,600.
If the respondents found lost and forgotten money, 15 per cent would use it for everyday living costs, while 13 per cent said they would use it to pay off debts.
Younger individuals were more likely to give a portion to charity than any other cohort, with 12 per cent of younger respondents saying they would donate some of their rediscovered savings to the third sector compared with an average of 5 per cent among older workers.
Just 5 per cent of all those polled would keep the recovered money in the account it was in, but say they would track it closely to prevent dormancy again.
One in seven would use any recovered money to support their everyday living costs, while most of the respondents would reinvest the money or consolidate it among other existing accounts.
Gretel Chief Executive Officer, Duncan Stevens, said the research showed that there was a “golden opportunity” for the financial industry to step up and play a key role in reuniting people with their forgotten assets — as well as helping them do more with them.
For proactive providers who have supported customer reconnection, we can also see a great opportunity to build on existing brand loyalty, Stevens said.
He added that financial institutions, advisers, and fintech firms can work together to not only raise awareness about dormant accounts, but also provide the necessary tools and guidance to help individuals reclaim these assets and make the most of them.