Half do not know how much is in their pension

pension savings

Around half (49%) of respondents do not know how much is in their pension pot, according to research by price comparison website MoneySuperMarket.

Its survey of 1,000 adults also found that 26% of respondents do not have a personal pension and 67% do not have life insurance; in addition, only 18% of these respondents plan on purchasing life insurance in the future.

Almost a third (29%) of female respondents do not have a personal pension, compared to 21% of male respondents, while only 19% of women know how much they have saved into their pension. A third (32%) of men, on the other hand, know how much their retirement savings amount to. On average, the research found that women have £1,500 less savings than men.

A fifth (20%) of respondents aged 55 or over are not enrolled into a pension scheme, and one in three have life insurance.

Around 35% of respondents based in East Anglia are aware of the amount in their pension pot, while 50% of Northern Irish respondents and 55% of Scottish respondents have life insurance.

A spokesperson at MoneySuperMarket said: “Brits face all sorts of calls on their money and it’s easy to see why the cost of everyday living can trump longer-term objectives, such as saving for retirement, especially if [employees are] not fully aware of how much [they] need in retirement. But, anyone who can get into the savings habit gives themselves a better chance of building up the sort of pension kitty that’s needed to fund a comfortable lifestyle once they stop work.

“Anyone who has dependants should make life insurance an absolute priority, as the financial consequences of an early death can be catastrophic. Policies can be set up to pay off a mortgage and other debt, [as well as] to provide money to meet the day-to-day financial needs of those left behind if the policyholder dies. As a result, it’s important that people take the time to look for a policy that’s best suited for their needs.”