Marvin OnumonuNearly half of adults (47%) struggled to put a figure on how much they have in their pension savings, research from Standard Life found.
67% of the silent generation (aged 79 and over) and over half (52%) of Baby Boomers (aged 60 to 78) said they couldn’t estimate their pension savings.
For Gen X (aged 44 to 59) this figure was slightly lower but 43% still said they were in the dark about the total value of their pension pot.
Among those who said they did not know how much was in their pension, over a quarter (27%) wasn’t confident that it will fund the lifestyle they want in retirement.
Just a fifth (21%) felt very confident they’ve saved enough.
Gen X were the most concerned, with 33% feeling unsure about the adequacy of their savings to achieve their desired retirement lifestyle, and only 14% felt very confident they’re on track.
Meanwhile, Gen Z were less worried, with just 8% expressing concern that they’re savings won’t set them up for the retirement lifestyle they’re hoping for.
Dean Butler, managing director for Customer at Standard Life, said: “It’s concerning that nearly half of UK adults can’t estimate their pension savings – especially those nearing or already in retirement.
“Saving for retirement can feel overwhelming at times, but the more often you interact with your pension the better chance you have of knowing whether you’re on track with your savings or whether you need to take action.
“The generational differences in pension awareness are striking.”
Butler added: “Older generations may be more used to thinking in terms of expected income rather than pot size, especially if they’ve relied on DB schemes.
“Gen X, now deep into their careers, often face the challenge of tracking multiple pension pots from different jobs, which can make it harder to get a clear picture.
“On the other hand, it’s encouraging to see that many younger adults, especially digitally savvy Millennials, are more likely to know their pension figures – suggesting that technology and early engagement are helping to build financial confidence from a younger age.”
He said: “That’s why Pension Engagement Season serves as such an important reminder.
“Whether you’re just starting out on your pension saving journey, or already approaching retirement, now is a great time to log in, check your statements, and get a clearer picture of where you stand.
“Even a quick review can help you spot gaps, make informed decisions, and feel more in control of your financial future.”
He added: “The sooner you engage, the more options you’ll have to shape the retirement you want.”
