As part of our ongoing work on the Great Risk Transfer (the trend in which risk is transferred to individuals from institutions such as employers, the state and financial services providers), the IFoA has partnered with the David Hume Institute to produce a report, Have we got the balance right? (bit.ly/GRT_Balance_right).
Through a commissioned survey of more than 1,000 people living in Scotland, our research found that only 11% ‘entirely trust’ the UK government when it comes to getting advice or guidance on financial matters – with levels of trust in the Scottish government being no better. Only 21% trusted ‘companies which provide financial products such as pensions’ as a source of information, with 36% of people stating that they did not know whom they could trust for advice.
The report concludes that financial risks are intensifying, placing an unfair and increasing burden on the individual. It calls for government policy, built on the premise that more choice is always good, to be reviewed. Many people do not have more choice, just much more risk and less of a safety net.
The IFoA and the David Hume Institute hosted a launch event at the Scottish Parliament on Wednesday 9 November, which saw MSPs, IFoA members and interested stakeholders from a variety of sectors discuss the report and how the cost-of-living crisis has exacerbated the trends it lays out.
Thanks go to our MSP sponsor Michelle Thomson, Scottish Board member Nicholas Chadha, and lead report researcher Shelagh Young, who gave excellent speeches to the assembled guests.
