Most Brits have completely no thought what’s of their pension pots or how they work
A whopping 79% of us have no idea how much money we have saved to fund our later years, with three in ten of us not even knowing who our pension provider is.
Do you know how much your pension pot is worth?(Image: Getty)
More than half of all Brits have zero clue what they have in their pension pots.
A whopping 79% of us have no idea how much money we have saved to fund our later years, with three in ten of us not even knowing who our pension provider is.
An incredible 34% of us know we have “something saved somewhere” but wouldn’t even know where to find the details.
The average Brit hopes to retire by 62 with a “decent amount” to live on according to recent research, but experts are worried this is “wildly unrealistic” for most.
Latest data also found nearly half – 45% – of those polled say they have lost track of their savings, investments and bank accounts, while 49% have also lost track of company pension pots for jobs they’ve had in the past.
A massive 73% of the 2,000 adults polled by MoneyFarm, admitted they had no clue what the state pension is worth each month.
Financial expert Carina Chambers from Moneyfarm said: “The research shows that we’re sleepwalking into a retirement crisis with too many people thinking their pensions will magically sort themselves out.
“Losing track of your pension pots or not knowing how much you’ve saved can have a huge impact on your future financial security.
“We believe that planning for the future should start now, not just when you’re close to retirement.
“Planning for retirement shouldn’t be overwhelming or confusing, and by starting early and reviewing regularly, you can take small, manageable steps now to shape your financial future.
“This could be things like consolidating old workplace pensions, checking funds and fees, and using pension calculators, so you can check you’re on the right path toward the retirement you deserve.”
An extra 76% have never had a professional pensions expert explain their options to them, while almost six in ten (58%) admit they stick their head in the sand when it comes to saving for their future.
Other financial terms which leave Brits scratching their heads were pension caps (18%), lump sum versus annuity (27%), salary sacrifice (15%) and defined benefit formulas (14%).
