There are regulatory impediments in the U.K. to the creation of a true “whole-of-wealth” dashboard for the household that includes:
- Employer-provided benefits
- Protection and insurance
- Owned property, residential and buy to let
- Loans, mortgages and credit cards
The sooner the impediments can be removed, the sooner this goal of portable fact find can be accomplished.
This is eminently doable; in fact, most of this has been in place in Australia for a number of years.
I worry that the current focus on a Pensions dashboard could well result in a continuation of the existing paradigm of piecemeal “advice”. For the median U.K. household approaching retirement, their DC pension pot is less than a third of their net wealth available to see them through retirement. When considering their options to fund their retirement, narrow advice that focuses only on their pension pot can lead to mistakes.