Pensions dashboards: lessons from five European countries
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Last summer, independent pensions dashboards consultant Richard Smith visited five dashboards teams in continental Europe. Here he reports five key findings.
t was a huge privilege to visit the teams who operate pensions dashboards in Belgium, Denmark, Norway, Sweden and The Netherlands. The teams in Brussels, Copenhagen, Oslo, Stockholm and The Hague were all very generous sharing their experiences to help us make a success of dashboards here in the UK.
In 2022, there were 2.22 million unique visitors to mypension.be. Out of a Belgian core working age population of just over 6 million, that’s 36%. Very consistently in all countries, active usage is in the high 30s percent, or just shy of 40% of working age adults using dashboards at least once a year. Usage increases with age as shown.
2. THEY LOVE COMMERCIAL DASHBOARDS Norway allows commercial apps to retrieve and display consumers’ pensions.
The extensive findings from my research trip are all written up on my independent pensions dashboards blog: DashboardIdeas.co.uk. Below are just five of the highlights.
1. PEOPLE LIKE DASHBOARDS In 2023, these apps were used nearly 32 million times to retrieve pension data, by a Norwegian core working age population of about 3.5 million. By contrast, the two other access routes (the central norskpensjon.no portal and the Norwegian Government’s state pension online service) were used less than 1 million times each. Norwegians love the ease of being able to see all their different pensions together on their phone on an app they already use and trust, like their banking or pension app.
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Viewpoint Issue 1 2024