Three-quarters of UK adults don’t know how much their pension will be, according to a new survey.
Surprisingly, four-fifths of 55- to 64-year-olds do not know how much their pension savings are.
That’s despite being in the most critical stage of retirement planning as they begin to consider their retirement life options.
The Retirement Voice survey was compiled by retirement specialist Standard Life, part of the Phoenix Group, based on data collected by Boxclever who consulted 6,000 consumers on the issue.
The study also found that women were less likely than men to know how much they had saved for retirement, with 81% not considering the number compared to 68% of men.
When asked about the amount of income they will need after retirement, women estimate significantly less than men, choosing £22,428 versus £32,617.
Research shows that the amount of income they earned made a big difference when it came to how much people wanted to save for retirement.
Those surveyed with personal incomes below £30,000 said they wanted to save £139,428, while those with incomes between £40,000 and £49,999 said they wanted to save £309,755.
There was a significant increase in the high-income group. People surveyed who earn more than £50,000 want to save £821,880, putting him more than £682,000 higher than the lowest earners.
Dean Butler, Managing Director of Customer Affairs at Standard Life, said: He is nearing retirement or is currently retired. ”
Speaking about the gender gap, he said the numbers reflect what we already know about the pension gap between men and women: less retirement benefits.
Boxclever conducted a survey of 6,000 adults in the UK. Conducted fieldwork 6 September – 16 October 2022. Data were weighted after fieldwork to ensure that data remained nationally representative of key demographics.