Recent survey from Pensions and lifetime savings Association highlights the following:
- Over half of workers (54%) do not know the current size of their pension pot(s)
- 41% of savers questioned felt that they should be saving more for their retirement years
- Women are more likely (60%) to say that they did not know the size of their pension pot than men (49%)
Over half of workers (54%) do not know the current size of their pension pot – or pots – a PLSA consumer survey has revealed.
The news comes as the PLSA released its latest consumer research figures that highlighted the concerns of savers about their pension contributions and the knowledge gap for their own pension savings.
In the survey, data showed that women were more likely (60%) to say that they did not know the size of their pension pot than men (49%).
Younger workers aged 18-34 (54%) and 35-54 (57%) were more likely than older workers to say they didn’t know, but amongst workers aged 55+ almost half (48%) said that they didn’t know.
More positively, four fifths (80%) of respondents said they would know the size of their pot within the nearest £25k with only 20% saying they would not know the size of their pot within the same amount.
The survey also found that 41% of savers questioned felt that they should be saving more for their retirement years, just under a third (29%) did not feel they needed to be saving more money and the remaining 30% were either unsure or did not know either way.
However, when asked if they worry about if they are saving enough for retirement, 56% of respondents said they were concerned about how much they had for their post-work lives.
Nigel Peaple, Director Policy & Research, PLSA, said: “It’s clear that savers are still unsure about exactly what their pensions are worth and what this will translate to in terms of real income in their retirement years.
“Through the publication of our Retirement Living Standards last year – as well as the introduction of the Pensions Dashboard when it’s launched – we believe that savers will have a clear understanding of their financial health and be in a better position to picture their futures.”
Source: plsa press release 06 feb 2020
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