Jessica O'ConnorOver two-thirds of adults with a workplace pension regret not learning about pensions sooner, according to research from My Pension Expert.
The independent survey of 1,210 adults in employment found that 67% of those with a workplace pension wish they had been taught about pensions earlier in their life and career.
The findings highlighted a significant knowledge gap in pension planning, with 53% of respondents admitting they feel out of their depth when it comes to understanding pensions and how to save effectively for retirement.
More than a quarter (27%) have not checked the value of their workplace pension in the past year, suggesting a lack of engagement with long-term financial planning.
Employers are seen as key to addressing this issue, with 72% of respondents stating that employers should do more to engage employees in pension planning.
Despite the importance of retirement savings, only 40% of those surveyed hada clear idea of how much money they need to save by the time they retire.
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.”
Megson added: “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.
“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.”
