Only less than a fifth (17%) of people aged 18-34 revealed that they know exactly where all their pension pots are, reveals research from Raindrop.
The pension-finding platform surveyed 2,000 adults and found that 19% of respondents aged 18-34 admitted that they have no idea how much they have saved for retirement, which is almost double the figure for people aged over 55 (10%).
Three in 10 (30%) of those aged 18-34 have already had three or more jobs in their careers and have multiple pension pots, while 17% plan to move to new roles every few years, compared to just 2% of workers aged over 55.
A fifth (19%) of young people are planning to use the government’s pension dashboard, due to be launched in October 2026, but do not want to wait until then to find their pensions. A similar proportion (18%) would rather use a solution offered by their bank or pension provider.
Raindrop’s research highlighted that the pension gap will continue to widen as younger people not only face struggles to save for retirement, but are also at risk of losing pension pots as their careers progress.
Vivan Shridharani, co-founder and chief commercial officer at Raindrop, said: “Billions of pounds are already wasting away in lost pots and millions of young savers risk losing track of pension savings, as they increasingly switch roles every few years and start paying into new pots. The traditional career path of an organisation for life and just one pension is virtually extinct, the number of lost pension pots is accelerating partly as a result of more flexible and diverse career choices of younger employees.
“It’s vital that people take control of their retirement savings, however, tracking down old pots is often hugely complicated and time consuming. Pension-finding solutions can play a key role in solving the lost pots crisis, supporting with consolidation and helping people achieve the retirement they want.”