More than a quarter (28 per cent) of Brits are concerned they won't have enough to afford a comfortable retirement, rising to 39 per cent for 45- to 53-year-olds, research from MoneyHub has revealed.

The survey found that women were also more concerned about their retirement income, as nearly a third (31 per cent) of women are not confident that they will have enough income for a comfortable retirement, compared to 24 per cent of men.

Moneyhub suggested that poor pension knowledge could play a key factor in retirement adequacy concerns, as 11 per cent of respondents couldn’t accurately describe what a pension is, while a further 24 per cent said they don’t understand the tax benefits of a pension.

Savers were also largely unaware of how much they were putting into their pension, with 11 per cent saying they don’t know how much they contribute, and a further 17 per cent unsure how much their employer contributes.

In light of the findings, Moneyhub stressed the need to ensure that savers are being supported in making the best financial decisions for their circumstances, highlighting the potential role AI driven smart nudges and modellers can play in this.

Moneyhub Personal Finance Technology MD, Mark Horwood-James, commented: “A simple lack of information is set to impede millions of workers from enjoying a comfortable and secure retirement.

"It’s a real concern that such a high percentage of people continue to be unsure about their income when they retire. Also troubling to us is that these doubts are reflected in a disparity between men and women.

“Thankfully, with open finance technology available today, this information gap can be quickly filled. It falls on the government as well as employers to remove any impediments to engagement by ushering in the widespread use of new technologies such as Moneyhub.

“Having easy access to all their pensions in one place, and being able to view them alongside their other financial products such as savings or mortgages as well as their properties, will enable savers to make better decisions when it comes to preparing and planning for the life they would like in retirement.”

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