Confidence low in pensions knowledge and retirement savings

Just one-in-20 people feel that they have a good knowledge of pensions, while less than one-in-four think they know enough about pensions to decide how to save for their future retirement with confidence.

According to the Attitudes to pensions survey published by the Department for Work and Pensions, which surveyed a representative sample of nearly 2,000 adults aged between 18 and 69 years, 53% of people who had not retired agreed that pensions are the most secure way of saving for retirement, although property was favoured over pensions as a way to make the most of money. Around half of those yet to retire (49%) feel that they can afford to save for retirement.

Nearly three-quarters of people believe pensions can seem too complicated to know the best thing to do and only 18% of women, compared with 27% of men, feel they know enough to decide with confidence how to save for retirement