Nearly half (47 per cent) of UK adults do not know how much they have saved in their pension, research from Standard Life has revealed.

The study of 2,000 consumers found that this lack of awareness spans all generations, but is particularly pronounced among older savers.

Two-thirds (67 per cent) of the 'silent generation', aged 79 and over, and more than half (52 per cent) of 'baby boomers', aged 60 to 78, said they could not estimate the value of their pension.

Among Generation X (44 to 59), 43 per cent reported the same.

Even among those who said they knew the size of their pension pot, more than a quarter (27 per cent) were not confident it would be enough to fund the lifestyle they want in retirement, with only a fifth (21 per cent) describing themselves as very confident.

Generational divides were also evident, with Gen X found to be the least secure: a third (33 per cent) of this group admitted uncertainty over whether their savings would meet their retirement needs, while just 14 per cent felt very confident.

By contrast, only 8 per cent of Gen Z respondents expressed concern, reflecting their longer savings horizon.

Standard Life managing director for customers, Dean Butler, described the findings as “concerning”, particularly for those nearing or already in retirement.

“Saving for retirement can feel overwhelming at times, but the more often you interact with your pension, the better chance you have of knowing whether you’re on track with your savings or whether you need to take action,” he said.

He added that generational differences in engagement reflect structural changes in the pensions system.

“Older generations may be more used to thinking in terms of expected income rather than pot size, especially if they’ve relied on defined benefit (DB) schemes.

"Gen X, now deep into their careers, often face the challenge of tracking multiple pension pots from different jobs, which can make it harder to get a clear picture,” Butler explained.

“With pension engagement season underway, now is a great time to log in, check your statements, and get a clearer picture of where you stand. Even a quick review can help you spot gaps, make informed decisions, and feel more in control of your financial future.

"The sooner you engage, the more options you’ll have to shape the retirement you want,” he added.

---