Pension savers turn to Facebook for information and advice

poseidon1

https://www.thisismoney.co.uk/money/pensions/article-15366635/Retirement-savers-turn-FACEBOOK-pension-information-advice-complex.html

Title of the thread speaks for itself.

Needless to say an  appalling state of affairs, but we all have to concede pensions are about as complex as it gets in the retail investing sector.

For  the particular demographic who have exhibited zero desire to engage with pensions (boomers), Facebook no doubt as an appeal ( nice and friendly and lacking complicated words that might confuse). Great hunting ground for scammers.

God knows where  Gen X and Gen Z are turning to for information ( assuming they have any interest in the first place - ). Reddit, YouTube?

ColdIron

• Retirement savers are turning to Facebook for vital information about their pension savings, one of the nation's biggest providers warns

In other news regarding Popes and Bears ...

4500_Donavan

It's all relative. For some people, that have grown up with Facebook, it becomes their single source of truth regardless of subject matter. Interestingly, my adult children treat everything on Facebook with suspicion. My OH 50%. Fortunately, my children use me as their first port for financial questions and I use you lot! 🤣

GenX0212

poseidon1 said:

https://www.thisismoney.co.uk/money/pensions/article-15366635/Retirement-savers-turn-FACEBOOK-pension-information-advice-complex.html

Title of the thread speaks for itself.

Needless to say an  appalling state of affairs, but we all have to concede pensions are about as complex as it gets in the retail investing sector.

For  the particular demographic who have exhibited zero desire to engage with pensions (boomers), Facebook no doubt as an appeal ( nice and friendly and lacking complicated words that might confuse). Great hunting ground for scammers.

God knows where  Gen X and Gen Z are turning to for information ( assuming they have any interest in the first place - ). Reddit, YouTube?

I have watched quite a few of James Shack's videos on YouTube. Highly informative. But for actually asking questions and receiving, on the whole, sensible informed answers then it is MSE's Pensions, Annuities and Retirement Planning forum all the way.

Cobbler_tone

You can tell it must be older users as you won't find the 'young 'uns' on FB.

AI the way forward surely? The lazy swipes to point out inaccuracies in using it and far out weighted by the sheer power and manipulation of data...and this is still in the very early days. 
The developments in areas such as teaching (marking papers more accurately and impartially than a teacher) will help to drive productivity and better use of time elsewhere.
I'm sure the FA's/IFA's will still play very important roles but little doubt that self management of finances will grow. How many people would have considered not using a mortgage broker a few years back? Who used to buy life insurance policies via IFA's? etc
The world moves on at pace.  

Pollycat

I expect at some point there'll be a spate of complaints about people being scammed, conned.or ripped off.
Exactly the same as on the Consumer Rights board by people who click on links for super-cheap goods and get sent tat from China.

GenX0212

Cobbler_tone said:

You can tell it must be older users as you won't find the 'young 'uns' on FB.

AI the way forward surely? The lazy swipes to point out inaccuracies in using it and far out weighted by the sheer power and manipulation of data...and this is still in the very early days. 
The developments in areas such as teaching (marking papers more accurately and impartially than a teacher) will help to drive productivity and better use of time elsewhere.
I'm sure the FA's/IFA's will still play very important roles but little doubt that self management of finances will grow. How many people would have considered not using a mortgage broker a few years back? Who used to buy life insurance policies via IFA's? etc
The world moves on at pace.  

If you are asking AI a finance related question then I would strongly suggest that you also ask it to reference the sources (and preferably from gov.uk) and that you then read and verify it yourself. AI is a decent tool but if you don't use it right then you might as well keep hammering that nail in with the fat end of a screwdriver.

Cobbler_tone

GenX0212 said:

Cobbler_tone said:

You can tell it must be older users as you won't find the 'young 'uns' on FB.

AI the way forward surely? The lazy swipes to point out inaccuracies in using it and far out weighted by the sheer power and manipulation of data...and this is still in the very early days. 
The developments in areas such as teaching (marking papers more accurately and impartially than a teacher) will help to drive productivity and better use of time elsewhere.
I'm sure the FA's/IFA's will still play very important roles but little doubt that self management of finances will grow. How many people would have considered not using a mortgage broker a few years back? Who used to buy life insurance policies via IFA's? etc
The world moves on at pace.  

If you are asking AI a finance related question then I would strongly suggest that you also ask it to reference the sources (and preferably from gov.uk) and that you then read and verify it yourself. AI is a decent tool but if you don't use it right then you might as well keep hammering that nail in with the fat end of a screwdriver.

Absolutely. But for every two headed fish, there is some great functionality and some powerful tools out there. 
A semi-intelligent person can decipher the source and use the appropriate (credible) information. Certainly more reliable than Steve from Basildon on FB. I would imagine that many. many people now use AI to make their day jobs a lot easier. e.g. I spent 15 minutes loading in a load of stats, to create a 2,000 word year end appraisal and then spent 15 minutes checking and editing it. That would have taken me 4-5 hours in the past. 
People need to embrace AI and must be akin to many years back when many would say "I don't trust them computers".  
I'm not suggesting you throw a load of numbers in and lock in your lifetime financial strategy based on a 10 second return.