More than nine in 10 (92 per cent) UK employees would retire earlier than currently planned if they could afford to do so, according to research by Penfold.

This follows separate Penfold research that showed 43 per cent of workers were not confident their pension will provide a comfortable retirement, while fewer than one in five said they were very confident about their retirement prospects.

In addition, 82 per cent of employees reported at least one barrier to engaging with their pension, with complexity and retirement feeling too far away being the most cited reasons.

Furthermore,13 per cent said they had reduced, paused or stopped pension contributions over the past 12 months amid cost of living pressures.

Recent ONS data revealed that 56 per cent of adults said their cost of living had gone up compared with a month ago.

Penfold CEO and co-founder, Chris Eastwood, said it was notable how many people would choose to retire earlier if finances allowed, but this is very different to knowing how to get there.

"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,” he said.

"That makes understanding what you are on track for really important. A pension balance on its own only tells you so much.

“Giving people a clearer picture of what their savings could mean for later life, alongside information and guidance on the options available to them, can help them make more informed decisions about their future.”

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