Nine in 10 pension savers would retire earlier if finances allowed – Penfold

Nine in 10 (92%) pension savers would retire earlier than planned if they could afford to, according to a survey from Penfold.

Separate findings showed 43% of employees are not confident their pension will fund a comfortable retirement, and fewer than one in five said they were very confident about their prospects.

82% of employees faced at least one barrier to taking a more active role in their pension, with complexity and retirement feeling too distant cited most often. 

Analysis also showed that 13% of employees have reduced, paused or stopped their pension contributions in the past 12 months due to cost of living pressures.

Chris Eastwood, CEO and co-founder at Penfold, said: “What stands out from this survey is just how many people would choose to retire earlier if their finances allowed it. 

“But wanting to retire earlier and knowing how to get there are very different things. 

“Without a clear sense of what their pension is likely to produce in retirement, it can be difficult to plan or know what steps to take.”

Eastwood added: “That makes understanding what you are on track for really important.