Almost three-quarters (76 per cent) of UK adults believe that pensions are not taught or discussed enough in schools or during early adulthood, new research from Wealthify has found, amid a persistent lack of knowledge about pensions.

The survey of 1,000 working-age pension holders revealed particularly strong support for the idea that pensions are not taught enough among women (79 per cent) and those nearing retirement, with 83 per cent of 55-65-year-olds asking for pensions to be covered earlier in life.

In addition, half of 16-17-year-olds felt pensions aren’t taught enough at school, rising to 65 per cent of 18-24-year-olds, while nearly two-thirds of adults (61 per cent) admitted they regret not taking their pension more seriously when they were younger.

Indeed, Wealthify’s broader research highlighted persistent gaps in understanding.

While around two in five (38 per cent) people begin paying into a pension before age 24 - 42 per cent of women and 33 per cent of men - almost one in five (18 per cent) pension holders admitted they don’t understand a single pension term, while even the most common phrase, “pension pot”, was only understood by 44 per cent.

Acronyms such as “MPAA” (money purchase annual allowance) and “GMP” (guaranteed minimum pension) scored as low as 3-4 per cent recognition.

The findings follow several recent studies revealing significant gaps in pension knowledge, with more than half of UK adults (51 per cent) unaware of upcoming pension policy changes that could have a major impact on their retirement plans.

Wealthify chief investment officer, Jessie Kwok, said pensions remain one of the most important financial products people will ever interact with - yet for many, they still feel like something to worry about later.

She explained: “Our research shows that regret is common among older savers who were never taught about pensions at school, while younger people who do encounter pensions in the classroom may not always take the knowledge seriously when retirement feels so far away.”

Kwok added that three in four adults now believe pensions should be taught earlier, noting that with younger generations expected to live longer and need larger retirement pots, understanding the basics from day one has never been more important.”

She acknowledged that progress has been made in recent years, with financial education now included in the UK curricula, but said the challenge is to ensure it remains effective.

“The good news is that financial education has come a long way,” Kwok said.

“The task now is to make sure those lessons are consistent, accessible, and reinforced in early adulthood, so people feel confident and equipped to make the right decisions when it matters most,” she added.

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