Nearly half of workers lack confidence in their pension, Penfold finds
Only 29% of workers trusted their pension provider most to explain how their pension works.
Nearly half of UK workers are not confident their pension will give them a comfortable retirement, according to research from Penfold.
Only 29% of workers trusted their pension provider most to explain how their pension works.
Almost one in 10 workers had never checked their pension at all, while 82% faced at least one barrier to engaging with their retirement savings.
26% of workers felt anxious or confused when thinking about pensions.
22% said they did not understand how their pension works.
Chris Eastwood (pictured), CEO and co-founder at Penfold, said: “It’s a concern that so many people don’t feel confident they’ll have enough money to retire comfortably.
“Auto enrolment has helped millions of people start saving, but our research shows that many still don’t understand how their pension works or whether they’re on track.
“People shouldn’t feel embarrassed by that confusion.”
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