Overview
- Fresh Department for Work and Pensions analysis estimates 14.6 million working-age adults are not saving enough to maintain their standard of living in retirement.
- Moneyfarm’s survey of 2,000 adults reports that about 79% do not know their total pension savings, with 27% unable to name their provider.
- Nearly half have lost track of workplace pensions from previous jobs, and roughly 73% do not know how much the state pension pays each month.
- Most respondents say pensions are too complicated and few have received professional guidance, yet many still hope to retire at 62 on about £30,000 a year.
- Despite the confusion, 61% make regular contributions, typically hold at least two pots, and pay around £258 a month, with experts urging tracing, consolidation, state pension checks and qualified advice.