‘Most workers are unsure of pension pot value’
6th February 2020
Most employees do not know the current size of their pension pots, according to research.
Opinium polled 983 workers on behalf of the Pension and Lifetime Savings Association (PLSA) and found 54% did not keep track of their savings.
Knowledge levels among workers under the age of 54 was marginally higher than those who are closer to retirement.
The research found that 54% of workers aged 18 to 34 and 57% of 35 to 54-year-olds monitored their contributions, compared to 48% of over-55s.
Only 29% felt they were saving enough for their retirement, while 41% said they were not saving enough. The remaining 30% did not know.
Nigel Peaple, director of policy and research at the PLSA, said:
"It's clear that savers are still unsure about exactly what their pensions are worth and what this will translate to in terms of real income in their retirement years.
"Through the publication of our Retirement Living Standards last year - as well as the introduction of the Pensions Dashboard when it's launched - we believe that savers will have a clear understanding of their financial health and be in a better position to picture their futures."
Given the fact that an increasing amount of people are living for longer, it's understandable that 56% were concerned about having enough savings to fund their retirement.
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