Half of Brits say they don’t understand pensions, with many feeling unprepared for retirement

• New MaPS research reveals almost half of Brits (47%) are unprepared for retirement.
• Data released in Talk Money Week, with Brits urged to take small steps to improve their financial wellbeing as ‘It All Counts’.
• People aged 50 or over with a defined contribution pension can book a free Pension Wise appointment.

The startling new research from MaPS, released during the organisation’s flagship UK-wide annual campaign, Talk Money Week (2-6 November), reveals a worrying picture of the nation’s financial preparedness for the future.

As well as not understanding enough about pensions, the findings from over 12,000 UK adults outlined in MaPS’ annual MoneyView survey also show that almost half (47%) do not have a plan for their finances in retirement, while 45% say they are not saving regularly. 

The good news though is that even simple actions can make a big difference. With this year’s theme, 'It All Counts', MaPS is encouraging people to take one small step towards a better retirement — from checking their pension pot or reviewing their contributions, to getting free guidance from an expert.

Anna Sharkey, Head of Policy and Propositions at the Money and Pensions Service, says:

“People across the UK work so hard for so long, they deserve a well-earned retirement. But to make that happen and live comfortably when you finish work, you have to look into your pension.

“We know pensions can feel confusing, but no one has to work it out alone. 

“This Talk Money Week, I’d love to see more people across the UK take action on their pensions. Whether you have a quick question or your issue is more complex, our experts can give you free, impartial guidance so you can make informed decisions about your pension.

“Don’t leave your retirement to chance. Speak to MoneyHelper and the sooner you start, the more time you have to plan, save and feel ready for the years ahead.”

While the latest MoneyView figures highlight significant financial challenges, there are also grounds for optimism. Financial dissatisfaction has fallen from 69% to 63% compared to last year, fewer people feel unconfident about managing their money (down from 46% to 41%) and low financial wellbeing has decreased from 27% to 24%.

Another challenge is that many people do not know the total value of the pension pots they have built up throughout their working lives. The MoneyHelper Pensions Dashboard, expected to launch in the 2027/28 financial year, will bring this information together in one place, making it easier for people to understand their savings and plan for retirement.

While the dashboard will help people in the future, support is already available through MoneyHelperOpens in a new window and Pension WiseOpens in a new window, offering free, impartial guidance on everything from combining pension pots to understanding the options for taking money from a pension.

MoneyHelper, MaPS’ consumer-facing money and pensions guidance service, has also launched its 'Get retirement guidanceOpens in a new window' tool for anyone not sure what to do with their pensions, or even where to start. It creates a personalised action plan and directs users to guidance and tools suited to their circumstances.

To access free pensions guidance or book a Pension Wise appointment, visit MoneyHelperOpens in a new window.

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• If you’re over 50 with a defined contribution pension, you can get a free Pension Wise appointment. This one-to-one session gives you information and support around taking your pensions and avoiding scams.
• For those not eligible for Pension Wise, or who need help with other money matters, MoneyHelper offers a range of free support. This includes online tools and guides, as well as access to trained specialists via phone, webchat or an online form.

• MoneyView 2026 is the Money and Pensions Service’s annual and nationally representative survey of over 12,000 adults living in the UK.  
• This included at least 1,000 people in each of Wales, Scotland and Northern Ireland. 
• The survey covers financial inclusion, bills, credit and need for debt advice, savings and financial resilience, pensions and retirement and financial confidence and satisfaction. It offers a unique insight into the population’s financial situation and their current feelings towards their finances.
• Pensions statistics are based on the working age population.