Three-quarters of UK adults are unaware of the amount they have saved in their pension pots, according to research by Standard Life.
The study found that the lack of knowledge about pension savings extended across all age groups, with 79% of those aged 55 to 64, who are likely in the crucial stage of retirement planning, unable to provide a figure for their pension pot.
Dean Butler, managing director for customer at Standard Life, said: “Given the increased responsibility individuals now hold for their own pension savings, it’s worrying that the majority can’t estimate how much they’ve got in their pot – particularly those who are approaching or even in retirement now.”
The research also found that women are less likely than men to know their pension savings amount, with 81% unable to provide a figure compared to 68% of men.
Butler added: “The gender disparity seems to echo what we already know about the gender pension gap – women are likely to earn less throughout their lifetime, often because of leaving the workforce or going part-time for caring responsibilities and as a result they save less for retirement.
“It seems likely that this has caused women to engage less with their pension pots, leading to a lack of knowledge around how much they’ve saved.”
