Pension Attention campaign encourages Scots to harness nostalgic tendencies to track down old pension pots

A major campaign has highlighted significant levels of nostalgia among Scottish workers – as it encourages them to use looking to the past to track down lost or forgotten pension pots from past jobs.

The findings are seen as highlighting the importance of 'paying some attention to pension pots throughout the course of careers'. Picture: Getty Images/iStockphoto.

The UK-wide Pension Attention initiative says it highlights the “power of nostalgia” and how memories impact how we feel and act to this day – stressing that it’s “never too late to pay some attention to your pension”. It has quizzed adults aged 30 to 55 – found to be the group least engaged with their workplace pensions, and with two thirds of this demographic having to work for longer before they can retire than they first thought. Seven in ten Scots in this age bracket agreed that they are going to have to work for longer before retirement than they first expected.

Furthermore, half of people in Scotland polled said they reminisce about old TV and radio programmes, with the same proportion nostalgic about music from their younger years. Nearly four in ten stated that reminiscing makes them miss the past, and a third said it brings them joy. Additionally, 42 per cent of Scots reported regularly thinking about past finances such as how much cheaper day-to-day products were back in the day. A quarter of respondents at a UK level said reminiscing makes them think about what the future holds, and those behind the research said nostalgia is a “powerful driver” for change and action.

"Given people’s likelihood of needing to work for longer and continue contributing to their workplace pensions, these findings highlight the importance of paying some attention to pension pots throughout the course of careers and ensuring you know where all your pension savings are held and their value ahead of retirement,” said those behind the campaign, which partnered with 1980s/90s children’s TV presenter Timmy Mallett and revamped his gameshow encouraging people to pay attention to their pension.

Hetty Hughes, manager, Long-term Savings Policy at the Association of British Insurers, commented: “It’s clear by looking back we can impact our present – and even the future. Those who can cast their minds back to past jobs and are therefore able to track down lost or forgotten pensions will find themselves in the best position for retirement. Start the process by checking letters, emails, or logging in to your pension account online. There’s also a helpful pension calculator from Money Helper on the pensionattention.co.uk website which can give you an estimate of the income you'll get when you retire.”

Joe Dabrowski, deputy director – policy at the Pensions and Lifetime Savings Association, added: “Our research shows that nostalgia is driving people to act and think about their futures. To find out how much you may need, and to get to grips of what level of saving is required for your age and generation, you can follow some simple steps and actions to supercharge your pension pot now. Why not check out The Retirement Living Standards to help give you a picture of the kind of lifestyle you could have in retirement. If you’re still unsure about how much you might need, it’s a good idea to speak to a financial adviser who will be able to support you. The [UK] government’s Money Helper can also provide guidance.”