Workers increasingly unaware where their pension savings are invested, research finds

A growing number of workers do not understand how their pension savings are invested, raising concerns about retirement engagement and financial confidence, according to research from WEALTH at work.

The study of 2,000 UK workers with defined contribution (DC) pensions found that more than a quarter (27%) did not realise their pension savings are invested in assets such as stocks and shares.

This compares with 21% in 2025.

The findings suggested a widening knowledge gap despite many employees expressing confidence in their understanding of pensions.

Four-fifths (80%) said they knew how much they contribute to their pension, while 77% said they understood their employer’s contributions.

However, nearly a third (32%) said they were not confident they were saving enough for retirement.

The research also found that one in 10 employees (10%) do not know how much is being paid into their pension.

Jonathan Watts-Lay, director at WEALTH at work, said: “Whilst auto-enrolment has been successful in getting people to start saving, the research suggests an emerging ‘default and disengage’ mindset, where individuals blindly contribute without fully engaging with their pension as a long-term investment.