Half of UK adults do not feel they understand pensions well enough to make retirement decisions, while 47 per cent have no plan for their retirement finances, according to research from the Money and Pensions Service (Maps).

The findings, based on responses from more than 12,000 adults in Maps' annual MoneyView survey, also showed that 45 per cent of people were not saving regularly.

The research, published during Talk Money Week, highlighted ongoing challenges around retirement preparedness and pension engagement, despite improvements in broader measures of financial wellbeing.

Maps said financial dissatisfaction had fallen from 69 per cent to 63 per cent over the past year, while the proportion of people lacking confidence in managing their money fell from 46 per cent to 41 per cent.

The percentage of people reporting low financial wellbeing also declined from 27 per cent to 24 per cent.

The organisation also highlighted that many individuals do not know the total value of their pension savings and pointed to the MoneyHelper Pensions Dashboard, expected to become publicly available in the financial year 2027/28, as a tool that could help savers gain a clearer picture of their retirement savings.

Commenting on the findings, Maps head of policy and propositions, Anna Sharkey, said: “People across the UK work so hard for so long, they deserve a well-earned retirement. But to make that happen and live comfortably when you finish work, you have to look into your pension.

“We know pensions can feel confusing, but no one has to work it out alone.”

As part of Talk Money Week, Maps is encouraging scheme members to take steps such as checking their pension savings, reviewing contribution levels and seeking guidance to improve their retirement planning.

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