Household financial decision making: Qualitative research with couples

39
Retirement decision making
‘Would I take myself off the default? I feel like I need to do more research on how pensions work 
now. I don’t trust the Government at all. None of it feels stable and I am not surprised that they 
are changing it but I don’t necessarily trust that they are going to be changing it for the better 
… I wouldn’t [opt out] but I would have another one as well just as backup. It does feel like a 
serious thing and I would feel better having two different schemes and not putting all my eggs 
in one basket.’
(Laura, 30s, South East)
Cautious and Content
Couples in the Cautious and Content group tended to be open to the ‘nice extra’ that they saw 
automatic enrolment as providing, with some especially welcoming the need ‘not to think about it.’ 
While this group was largely positive to the idea of automatic enrolment, they were unlikely to think 
it would have any effect on other pension provision, or on their overall plans. Overall, the indication 
among the Cautious and Content group was that they would remain members of schemes that they 
were enrolled into.
‘Actually, I think that’s probably quite good, because it takes away the decision making unless 
you decide to opt out, obviously.’
(Mathew, 60s, South East)
Organised Aspirational
The Organised Aspirational group responded relatively positively to the idea of automatic enrolment, 
or at any rate, did not see it as problematic. Some within this group expressed interest in knowing 
more about it, to allow them to ensure they could afford to make contributions, and to be clearer 
about the likely returns they would get. Overall, there were indications from this group that as long 
as any strongly-felt concerns were assuaged, they would not opt out. 
To summarise, some of the three types were more open to automatic enrolment as a concept than 
others. Whatever their response, there was no indication that the majority of individuals in any 
group would take steps to opt out of a workplace scheme. It, therefore, appears likely that many will 
remain in schemes by default after being automatically enrolled. 

---