Pensions policy is shifting. The Value for Money framework, Mansion House, and new decumulation defaults all aim to improve outcomes for savers. These reforms focus on the performance of schemes and the behaviour of providers and trustees. They do not address where people get their information, or how this influences the decisions they make about retirement.
Financial influencers now play a significant role in how people learn about money. Two thirds of 18–29 year olds follow financial influencers, and 90% of these report being encouraged to change financial behaviour. Some influencers give accurate and helpful explanations. Others share unregulated or misleading content that may encourage risky choices. In April, the Treasury Committee held its first inquiry into finfluencers, highlighting concerns about their growing impact and potentially harmful advice.
Pensions are complex. Many people struggle to engage with providers and regulators, especially when communications are technical or hard to access. Influencers use simple messages, short videos, and personal stories. This can help people understand financial concepts but can also lead to misunderstanding or false confidence. The FCA’s Targeted Support consultation recognises this trend, but there is little evidence about how influencers are shaping long-term financial planning.
We are running a survey to explore why people follow financial influencers and how this affects their attitudes and behaviour around pensions and later life. The findings will be published and freely available, and will feed into the work of government and the new Pensions Commission as it considers future reforms, and help industry develop approaches that reach people more effectively.
If you follow a social or financial influencer, please take ten minutes to share your experience and pass the survey on to friends or family who do the same. Your views can help connect official reforms with the way people make decisions in practice.
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