Shilling research: Majority of staff distrust financial institutions

Just one in 20 employees (5%) believe that financial institutions, including pensions companies, are always honest.

According to Shilling Communication: Pension Snapshot, which was carried out by YouGov on behalf of Shilling Communication, levels of cynicism were lowest among young workers. For example, of those aged between 18 and 29, 16% were likely to trust financial institutions to have their customers’ interests at heart, compared to only 9% of those aged over 30.

Katie Frost, director at Shilling Communication, said: “We are unsurprised by the lack of trust in financial institutions. The last few years have given investors plenty of reasons to be cautious, particularly around pensions where the high media profile has made people more aware of the issues.

“Hopefully, as 2011 progresses, employers and pensions teams can work together to effectively communicate to members that pensions remain one of the best ways to save for retirement.”

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