Nearly one in three (31 per cent) UK adults are not confident they are on track to achieve the retirement lifestyle they want, according to research from M&G.

Among people with a pension, 43 per cent said they knew how much they and their employer contribute, up from 36 per cent a year earlier.

However, M&G identified a gender gap in awareness, with 47 per cent of men knowing their contribution levels compared with 39 per cent of women.

The findings were published alongside the launch of M&G’s Retirement Readiness Quiz, which is designed to help savers better understand their attitudes and behaviours towards retirement planning.

The quiz categorises savers into four pension “personalities”: the Planner, Pathfinder, Multi-Tasker and Starter.

M&G explained that the categories were intended to reflect the different stages and circumstances people face when planning for retirement, from those already actively planning to those balancing short-term financial pressures or taking their first steps toward long-term saving.

M&G chartered financial planner, Matthew Ings, said: “Retirement planning doesn’t look the same for everyone.

“Some are Planners, already mapping out their future. Others are Pathfinders following a route, Multi-Taskers balancing today’s pressures with tomorrow’s goals, or Starters taking their first steps.

“The important thing is knowing where you stand and gaining confidence about what to do next.”

M&G also called for 'pension health checks' at key points in working life, including when people start a new job, receive a promotion, or approach retirement.

The firm argued that regular checks could help savers assess whether they are on track and understand what actions they could take to improve their retirement position.

Ings added: “That’s why we believe pension health checks should become routine.

“Just as millions visit their local GP surgery for a check-up, savers should have regular opportunities to assess whether their retirement plans are on track.

“Regular pension health checks throughout working life could help millions build a better retirement.”

The research forms part of M&G’s Reframing Retirement campaign, which aims to make retirement planning more accessible and relevant to savers at different stages of their financial lives.

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