Two-fifths (40%) of employees admitted that they want to know how much they need to save to support a comfortable standard of living in retirement, according to research by Fidelity International.
The investment solutions and retirement services firm surveyed more than 3,000 of its workplace pension scheme members.
It found that 50% of respondents aged under 55 said they want support in understanding how much they should be contributing to their pension to help fund a comfortable retirement.
For those aged 18-34, 35% prioritise saving for property and 29% are focused on everyday expenses, while just 15% are set on on retirement planning.
For those aged 35-44, everyday expenses become even more prominent (40%), while 18% are saving for a home, and 28% are retirement planning.
Meanwhile, those aged 45-54 said that retirement planning is starting to take precedence (39%), narrowly overtaking everyday expenses (37%), while the number saving towards a property drops to 9%.
One in five (20%) respondents aged over 55 said they expect to work for longer than they had anticipated. Among them, 62% said this is to fill a shortfall between what they currently have saved and what they will need, or because their financial circumstances have changed.
Daniel Smith, head of workplace investing distribution at Fidelity International, said: “Waiting until your 40s or 50s before prioritising retirement savings can result in a significant gap between what’s saved, and what’s needed for a comfortable retirement. Individuals need access to tools and guidance that enable them to balance short-term financial needs and goals throughout different life stages. Knowing how much to contribute, and when, is critical to building confidence and avoiding shortfalls later in life.
“It’s crucial that employees have access to the right support, tools and guidance that help them feel in control of their finances throughout their working lives and make the best decisions for their personal goals. Employers are often the gateway through which employees access educational resources, by partnering with financial services providers to implement financial wellbeing programmes.”
