Context

The Money and Pensions Service's Pensions Dashboard Programme has been leading work in the UK to provide people with well-functioning and engaging pensions dashboards, where people can view summary information for all their private pensions in one place online. The Pensions Dashboards Programme wanted evidence to support their decision-making around the technical infrastructure which will underpin the system.

The study did not define 'engagement', and instead included research covering a range of definitions, from comparatively 'shallow' engagement (such as intentions to take action and comprehension) to 'deep' engagement (such as increasing contributions or changing investment options).

The study

The report describes the results of a rapid evidence assessment which set out to address several research questions, including:

• What has been learnt from (similar) digital dashboards internationally?
• Why don't people engage with their pensions and what works to increase their engagement?
• What do consumers need from a digital pensions dashboard?
• How is information best displayed and what functionality helps to increase engagement?
• What are the user behaviours in relation to dashboards (e.g. tolerance for incomplete dashboards i.e., not all pensions showing)?

The report notes that, due to work on pensions dashboards still being in their infancy, a broad literature was selected, placing a focus high-quality evidence where available. Some of the research referenced related to work in adjacent fields, rather than pension dashboards specifically.

Key findings

Barriers to engaging with pensions

Barriers identified were:

• a bias towards inaction (inertia)
• a tendency to prefer smaller rewards now than larger rewards later (present bias)
• small hurdles which make doing something more difficult (friction costs)
• being overwhelmed by choices (choice overload)
• a lack of knowledge or skills to engage effectively with complex issues.

Strategies for increasing engagement with pensions and dashboards

Strategies identified were:

• prompting people at timely life moments
• making the future feel more real and relevant
• simplifying and removing frictions, such as process and information within a dashboard
• providing 'rules of thumb' to simply complex decision-making.

From evidence in other contexts: to draw focus to the most important information for the individual (personalisation), referencing the positive behaviour or peers (social norms), and highlighting the potential loss of not taking action (loss framing).

Optimal functionality (content) of dashboards

Projected retirement income was most important, followed by:

• state pension amounts, retirement age, charges, levels of risk and where funds are invested
• accompanying information and guidance wherever information is detailed or complex
• interactivity (e.g. an interactive planner).

From evidence in other contexts: numerical values, use of standardised terms and information across providers, and visual aids that reduce the cognitive effort of the user (e.g. to make some information more prominent).

Optimal presentation of dashboards

The optimal presentation identified is to:

• tailor based on the most important information to users
• make the presentation aesthetically pleasing
• make the presentation clear.

Key gaps in the literature

Key gaps identified were:

• impacts on actual behaviour
• which specific life moments are most effective
• the impact of specific features and information
• how to present projections
• which functions people use within a dashboard
• how to ensure inclusivity or accessibility for people with disabilities.

Points to consider

Methodological strengths and weaknesses

• Although citations are given, details of the approach to searching, screening and assessing the literature are not provided to confirm the review as a rapid evidence assessment.
• The findings and concepts the literature introduces are explained clearly.

Applicability

• The findings should be of interest to policymakers, providers, employers and other stakeholders with an interest in improving private pension provision and consumer engagement.

Relevance

• The study was timely given increased pension saving due to automatic enrolment into workplace pensions since 2012, and the policy need identified for a dashboard. Note that at the time of writing this summary in Spring 2025, the Pensions Dashboard had not yet been launched.
• The learning from the review should transfer to other countries with similar economies and where pension provision is also complex.