65% of older savers express confidence in pensions, according to Pension Confidence Index
By December 2024, 65% of savers aged 55 and older expressed confidence in their pensions.
According to the latest Pension Confidence Index from PensionBee, by December 2024, 65% of savers aged 55 and older expressed confidence in their pensions, matching a record high from March of the same year.
The percentage of older savers reporting a ‘good defined benefit (DB)’ pension rose from 22% to 26% between September and December 2024, while satisfaction with pension performance increased from 14% to 17%.
The proportion of older savers expressing worries about the State Pension dropped from 27% in September 2024 to 24% in December 2024, while those expressing regrets over insufficient savings declined from 29% to 24%.
However, savers under the age of 55 continued to face challenges regarding retirement confidence.
Although confidence among this group climbed from 39% in March 2024 to 49% in September 2024, it dropped to 47% by December 2024.
Key factors contributing to this decline included waning trust in employer contributions and personal contributions.
Confidence in employer contributions fell from 47% in September 2024 to 42% in December 2024, likely due to concerns that employers might reduce pension generosity to offset rising National Insurance (NI) payments.
Similarly, confidence in personal contributions also decreased, falling from 42% to 38%.
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