Friends Life today announced that it will launch the Friends Life Workplace Savings Index on Tuesday 27 September 2011.
At a time when funding for retirement is of increasing importance, the new quarterly index will give an indication of the state of health of work based savings based on data from workplace pension schemes run by Friends Life.
The Friends Life Workplace Savings Index, is based on anonymised customer data from over 1 million of Friends Life's pension customer accounts, and will provide vital insight into four areas of long term saving - risk, returns, asset diversification and contribution levels. By tracking these measures over time, the impact of economic events on consumer behaviour can be analysed to present a regular picture of the state of work based savings1, aiding policy makers, providers and advisers in delivering solutions to retirement needs. Consumers have been analysed in groups based on the length of time until they plan to retire and their age and gender to allow comparisons between consumer behaviour to be drawn.
Martin Palmer, head of corporate benefits marketing at Friends Life, said:
"Long term saving remains vitally important to ensuring financial wellbeing for consumers in retirement. Our new index will track consumer behaviour and analyse the sentiment that drives it, giving an indication of current investment behaviour. We will be able to witness the effects of market sentiment, economic pressures and new regulation like auto-enrolment on workplace savings behaviour. Understanding this market in greater detail will aid advisers, providers and policy makers in gaining a clearer picture of our consumer behaviour, in turn leaving us better placed to serve the very customers we are tracking and to improve scheme design."
In advance of the launch, Friends Life has today issued an introductory report, providing background information on the Friends Life Workplace Savings Index and charting movements of the four sub categories in the period leading up to the second quarter of 2011.
Open the report here
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