A third of Brits (32 per cent) do not have a retirement plan, according to a new survey by Checkbox.

Despite this, the survey suggested that the UK was in the lead in retirement planning amongst surveyed nations, with 22 per cent of Brits having a detailed retirement plan - the highest rate compared to the US and Australia.

However, the survey found that whilst retirement was the primary savings goal for 31 per cent of Brits, 67 per cent still felt insecure about their retirement savings, reflecting broader economic concerns. This figure was highest for people aged 45-54 across the UK.

Additionally, Brits reported the highest insecurity in investment knowledge, with 48 per cent ‘unsure’ about bond prices and interest rates.

Overall, saving habits in the UK were somewhere between Australians and Americans, as 91 per cent of people in the UK had a savings account, but challenges like the high cost of living and debt payments represent practical impediments to saving more.

The survey polled 1,055 UK adults on financial literacy, retirement planning and how they approach saving, spending, and investing. It also included responses from 1,061 Americans and 1,052 Australian adults for a comparative analysis across nations.

The findings follow research which showed half (50 per cent) of workplace pension savers have never considered increasing their pension contributions with their current employer, despite 48 per cent understanding how to do so.

The Pensions and Lifetime Savings Association (PLSA) said the findings highlighted a “troubling disconnect” between pension awareness and behaviour.

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