More than a quarter (26 per cent) of UK adults feel apprehensive about making pension decisions on their own, up from 19 per cent a year ago, according to research from Handelsbanken Wealth.

The firm’s 2026 Wealth Survey found that anxiety around pensions had risen by seven percentage points over the past year, matching the increase seen for investment decisions, where apprehension climbed from 26 per cent to 33 per cent.

The findings also showed that responsibility for pensions is increasing, with 40 per cent of respondents now overseeing their own pensions, compared with 37 per cent last year.

However, this greater involvement has coincided with a decline in reported financial assets, with the average value of cash savings, investments and pensions held by UK adults falling by more than £13,000, from £197,106 to £183,781.

Handelsbanken Wealth said the figures suggested that greater engagement with personal finances was not necessarily translating into greater confidence.

The research also highlighted concerns over households’ ability to withstand unexpected financial shocks.

One in five UK adults (20 per cent) said they had no financial safety net in place, while 42 per cent had a rainy-day fund and 37 per cent had an emergency fund.

Of those with an emergency fund, 11 per cent estimated that it would last no more than one month.

The findings also showed a gender divide, with 24 per cent of women saying they had no financial safety net, compared with 16 per cent of men.

Nearly a third of women aged 18-24 and 45-54 had no financial safety net, while 43 per cent of women said they were scared of running out of money, compared with 36 per cent of men.

Handelsbanken head of wealth, Stephen Cowling, commented on the findings: “Financial anxiety is now touching almost every major decision people make, from mortgages and personal borrowing to pensions and investments. The danger is that anxiety becomes paralysis, with important choices delayed until circumstances force the issue.

“Building resilience will look different for every household, especially when day-to-day costs are already stretched. Good advice cannot remove those pressures, but it can help people understand their position, prioritise the next step and make better use of the resources available to them.

“Whether the starting point is building an accessible emergency reserve, reviewing borrowing or bringing pensions and investments into a wider plan, engaging early usually leaves people with more choices than waiting until a financial shock has already happened.”

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