More than half (57 per cent) of savers think planning for retirement feels like navigating a minefield due to their lack of knowledge, although the type of schooling recieved can play a significant role in savers' preparedness, according to research from Annuity Ready.

The research found that nearly a third (32 per cent) of savers are unsure how much money they have in their pension pot today, which "worryingly" rises to44 per cent for those reaching retirement age (65 plus).

However, the type of schooling respondents received had a significant impact on financial preparedness later in life, especially when it comes to pension savings and understanding the financial options available to them at retirement.

In particular, the survey found that private school educated respondents are more likely to hold private pensions (40 per cent) outside of employment linked pensions, compared to their state school (26 per cent) educated peers.

In addition to this, those privately educated were significantly more likely (20 per cent) to say they were taught about pensions in school, in contrast to their state school peers (6 per cent).

Understanding the financial options available at retirement was another key differentiator, as the research found that 22 per cent of state-school educated savers reaching retirement age were unaware they are able to shop around with their pension fund and transfer savings to another provider, compared to 5 per cent of privately educated people of the same age.

State school educated respondents were also more likely to say they are "baffled" by annuities (48 per cent) and are unaware of the benefits that annuities could offer if you have pre-existing health conditions, and/or smoke, and/or are overweight (72 per cent), compared to their privately educated counterparts (34 per cent and 56 per cent).

When it comes to keeping track of pension savings and planning for the future, nearly half (42 per cent) of privately educated 35 to 44 year olds said they review or reassess their pension pot regularly at least once a year, compared to 17 per cent of state school educated peers of the same age.

There were also differences in where savers's looked for retirement planning advice, as the research found that 37 per cent of those who were privately educated relied on financial advisors to guide their pension and retirement decisions, while those from state schools tended to lean on family and friends for advice rather than professionals.

However, the research found that a lack of confidence around pensions is felt across the board, with over a third (35 per cent) of repsondents feeling anxious or overwhelmed about planning for their so-called ‘golden years’.

Of those that felt unprepared for retirement, the top concerns amongst respondents was not having enough money saved due to the rising cost of living, as well as worries about outliving their pension fund(s) and running out of money mid-retirement.

In light of the findings, Annuity Ready has launched a new campaign, Get Britain Pension Ready, to help everyone be informed and feel confident in the financial options available to them at retirement.

Commenting on the plans, Annuity Ready commercial director, Sarah Lloyd, said:“Retirement should be something to look forward to, but our research reveals that too many members of the British public instead feel anxious, overwhelmed, and fearful of making the wrong financial decisions.

“It also uncovers how the type of schooling you had growing up, can contribute to your understanding of pensions and how financially prepared you feel.

“No one, from any background, should get left behind. We’re encouraging everyone to get pension ready with our free online resources and seek the guidance they need, to understand all the financial options available to them when they come to retire.”

Independent Age chief executive, Joanna Elson CBE, welcomed the launch of the campaign, arguing that "far too many older people in financial hardship face later life with little or no savings, struggling to afford even basic essentials".

“Pensioner poverty has been increasing since 2012 and is at its highest level since 2008. To help reverse this worrying trend, we must ensure that no one reaches retirement unsupported and unaware of their options when it comes to their pension," she stated.

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