A third (31%) of UK employees are not currently contributing to a pension scheme, while 14% have never made any pension contributions, according to research by the Institute of Financial Planning (IFP) in association with National Savings and Investments (NS&I).

The Financial planning survey, which coincides with UK Financial Planning Week (21-27 November), was conducted by YouGov and questioned over 2,000 people across the UK.

The findings include:

  • 19% of respondents believe they are saving enough for their future needs.
  • 47% are not confident that they have saved enough to live comfortably when they retire.
  • Women are particularly at risk, with the majority (55%) falling into this category.
  • 10% think they will never be able to retire, including a worrying 12% of over-55s.
  • 41% of respondents said they would consider making additional contributions into pension plans to avoid delaying their retirement due to the planned increases in the state retirement age.

    • Nick Cann, chief executive officer at the IFP, said: “These findings present a worrying picture for so many people who are facing an uncertain future, yet not taking appropriate steps to improve their situation. There seems to be awareness but no link to action.”

    John Prout, retail customer director at NS&I, added: “Financial Planning Week highlights the importance for all of us to properly plan our finances, all the more so when money is tight for many people.

    “Reviewing our finances, either for the short or long-term, can take many forms, beginning at home by seeking advice from family role models, by contacting organisations such as the Money Advice Service or through paid professional advice.”

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