Over a third (37 per cent) of working age Brits do not know what size pension pot they would require at retirement, according to research from Unbiased.

A survey from the financial advisory specialist found that 34 per cent of people did not know how much retirement income they wanted, while a fifth (20 per cent) did not know how much they currently had in pension savings.

This was lack of knowledge was even more pronounced with those aged above 55, with almost a quarter (24 per cent) of these respondents unsure about how much they had saved.

Just over a fifth (21 per cent) of respondents said they had no retirement savings at all, including 17 per cent of over-55s.

A quarter (25 per cent) of women had no pension savings, compared with 17 per cent of men, while a third (34 per cent) of men had at least £50,000 in savings, compared to 13 per cent of women.

More than two-thirds (69 per cent) of those who expressed a desired income level wanted at least £20,000 a year in retirement, while 44 per cent of those who made an estimate thought they would need under £100,000 in their pension pot.

However, this would likely not be enough to ever deliver £20,000 per year.

Just under half (45 per cent) of those between 35 and 54 had under £50,000 saved, while 56 per cent of those aged under 35 had less than £50,000 put away.

The research also found that men were more confident in what retirement income they wanted than women, with just 26 per cent of men unsure on the issue, compared with 42 per cent of women.

This was mirrored when it came to the issue of how big a pot should be at retirement, with the research finding that 46 per cent of women were uncertain, compared to 29 per cent of men.

Unbiased CEO and founder, Karen Barrett, said: “We’ve long known that many in the UK aren’t saving enough for retirement, and regularly encourage people to seek advice to improve their prospects.

“But the eye-opening revelation in our research is how many people simply don’t know how much to aim for. It looks as if large numbers are simply dodging the question – perhaps because they see it as daunting.”

Share Story: