Over two-thirds (67 per cent) of employed UK adults with a workplace pension wish they had been taught about pensions earlier in life, research from My Pension Expert has revealed.

The research indicated that many people are uncertain about their financial futures due to a lack of understanding, with 53 per cent admitting they feel out of their depth when it comes to pensions and knowing how to save for retirement effectively.

Meanwhile, more than a quarter (27 per cent) said they have not checked the value of their workplace pension in the past 12 months.

The research also showed that workplace pensions appeared to be a source of frustration, as 72 per cent of respondents believe employers should do much more to engage employees in pension planning. 

Additionally, only 40 per cent of respondents have a clear total or annual savings target in mind for their retirement.

However, over half (59 per cent) said the rising cost of living over the past three years has made it more difficult to save for retirement.

My Pension Expert policy director, Lily Megson, stated that knowledge is power and too many people feel powerless when it comes to their pensions.

She explained that people know they should understand more but have not been given the chance, often leaving people “overwhelmed and left behind”.

Megson stated that when times are tough, like during a cost-of-living crisis, that uncertainty only grows.

“People want to engage with their pensions – they just need the right tools,” she continued.

“Better education and clearer guidance aren’t just helpful; they’re the key to turning confusion into confidence and giving people real control over their financial future. We need action to ensure people aren’t left in the dark about their pensions.”

In terms of action, Megson said that a “good place” for the government to start would be to commence the shelved pensions adequacy review.

“This should mean nothing less than clearer communication around policy and reform, better access to financial advice, and making pensions a priority – not an afterthought,” she said.

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