More than half (54 per cent) of savers don’t know how much their employer is contributing to their pension funds, while 43 per cent do know how much their contributions are, according to research by Scottish Widows.

The firm’s 2025 Retirement Report also revealed a lack of confidence and a reluctance to seek professional help with organising financial futures.

More than one third of workers (36 per cent) do not feel confident that they are able to manage their retirement savings. And yet, only one in five workers have sought help from a financial adviser and fewer than one in 10 (8 per cent) have asked their employer to help.

The statistics echo those published by AKG, which said that only 29 per cent of consumers would contact a financial adviser, and just 20 per cent would be prepared to pay for that advice.

This issue is compounded by the high number of people taking advantage of the pension freedoms introduced a decade ago, with many cashing in their pensions without seeking professional advice.

According to the Pensions Policy Institute, 70 per cent of defined contribution savers withdraw their entire pension pot without consulting a financial adviser.

Commenting on the research, Scottish Widows head of pensions policy, Pete Glancy, said: “With so many workers in the dark on their workplace pensions, it’s little surprise that confidence is low.

"There is a clear need for better support for workers, from the start of their savings journey, engagement during their working career right through to the point at which they access their retirement pot.”

He added: “Since the introduction of pension freedoms in 2015, more people have taken advantage of the option to withdraw their pension as cash. Whilst this flexibility can be beneficial, rushing into withdrawals risks depleting retirement savings too soon, if not done cautiously.

“For those who have the means, seeking financial advice is invaluable – offering structure, reassurance, and a plan tailored to people’s needs.

"At the same time, the onus is also squarely with providers who must do more to engage savers early, and make pension information more accessible, ensuring future generations are better equipped to make informed decisions.”

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