According to new research by My Pension Expert, over two-thirds of UK adults with a workplace pension regret not learning about pensions sooner.
The leading at-retirement adviser in the UK commissioned an independent survey of 1,210 employed UK adults. The findings revealed that 67% of individuals with a workplace pension wish they had received pension education earlier in their life and career.
A lack of understanding is leaving many feeling uncertain about their financial future. Over half (53%) admit to feeling out of their depth when it comes to pensions and knowing how to effectively save for retirement. Meanwhile, more than a quarter (27%) have not checked the value of their workplace pension in the past 12 months.
Workplace pensions also appear to be a source of frustration, with 72% of respondents stating that employers should do much more to engage employees in pension planning.
Just 40% have a clear figure in mind – either total or per year – for how much money they need to have saved by the time they retire.
Adding to these challenges, 59% say that the rising cost of living over the past three years has made it more difficult to save for retirement.
Lily Megson, Policy Director at My Pension Expert, said, “Knowledge is power, but too many people feel powerless when it comes to their pensions. They know they should understand more but haven’t been given the chance, often leaving people overwhelmed and left behind. And when times are tough, like during a cost-of-living crisis, that uncertainty only grows.
“People want to engage with their pensions – they just need the right tools. Better education and clearer guidance aren’t just helpful; they’re the key to turning confusion into confidence and giving people real control over their financial future. We need action to ensure people aren’t left in the dark about their pensions.
“With the Chancellor’s Spring Statement coming up, let’s hope there’s a renewed focus on ensuring people can save enough for a secure retirement. A good place for the government to start would be to commence the shelved pensions adequacy review. This should mean nothing less than clearer communication around policy and reform, better access to financial advice, and making pensions a priority – not an afterthought.”