Pension Statistics: The Nation’s Biggest Pension Worries

One of the biggest financial concerns for people in the UK is pension planning. If you’ve got pension worries, you’re not alone – far from it, in fact. Hilltop has conducted research into the main pension concerns our clients have shared with us in 2023. keep reading for our in-depth pension statistics that reveal the nation’s biggest pension worries.

The Headline Findings Of Our Pension Statistics

We used data spanning the six months between April and September 2023 to provide a snapshot of the biggest pension worries our clients come to us with. 

If any of these concerns resonate with you, please don’t hesitate to contact us. Our financial advisers will be only too happy to provide you with the tailored advice you need to gain total peace of mind.

Britain’s Biggest Pension Worries

Our research has shown that the main pension worry for Britons is planning for retirement. More than half of our clients (55%) come to us for comprehensive assistance with their retirement planning. 

The second biggest pension concern is pension consolidations, with more than two-fifths (42%) of clients contacting us for pension consolidation advice. 

Finally, a further 30% of people are concerned with how to maximise their pension savings.

Pension Worries Across the regions (England, Scotland and Wales)

Perhaps unsurprisingly, the main pension worry across Britain mirrors the national perspective, with every region primarily concerned about planning for retirement. 

In fact, nearly half of all clients from across the regions, ranging from 49% in Scotland to 56% in England, sought our advice in this area. 

The next biggest pension concern for people in England and Wales is whether they should consolidate their pensions (42% and 38% respectively), while people in Scotland and Northern Ireland are more interested in seeking advice about taking their tax-free lump sum.

Pension Worries Across The Ages

The data regarding pension worries across generations is very telling and naturally mirrors their stage of life and their corresponding pension-saving journey. 

For instance, younger pension savers – encompassing those under 40 and those aged 40-54 – are most concerned about consolidating their pensions (73% and 63% respectively), followed by planning for retirement (40% and 50%). 

At this point, there is a divergence in priorities with the under 40s next most concerned about maximising their pension savings (37%) and those aged 40-54 more worried about the performance of their pension (44%).

For Brits who are either nearing or in retirement, their main pension concern is planning for retirement. This focus naturally increases the closer someone gets to retirement, with 55% of 55-64-year-olds concerned with this area of financial planning and 62% of 65-and-overs seeking retirement planning advice.

In these older age groups, the next big pension worries revolve around consolidating their pensions and taking the 25% tax-free lump sum. 

As you might expect, gaining advice about taking the lump sum is a more pressing concern for those aged 65+, while those in the 55-64 age bracket are more interested in discussing pension consolidations. 

Let Hilltop Soothe Your Pension Worries

Not surprisingly, our statistics reveal that the number one pension worry for Britons in 2023 is ensuring that their retirement planning is on track. This pension concern is consistently the main area of discussion for clients up and down the country, particularly those who are nearing retirement or about to retire.

Of course, pension worries change with age. Younger pension savers quite rightly want to maximise their savings and ensure that their pensions are performing efficiently. 

However, those nearing the latter stages of their working lives are naturally more concerned about consolidating multiple pension pots, reducing the amount of administration and fees, and ensuring that taking their 25% tax-free lump sum is a simpler affair.

Wherever you are in the UK, and whatever stage of life you are at, Hilltop offers comprehensive pension advice that can address any of your worries and ultimately help you to achieve your retirement goals.

Contact us today on 0161 413 7051 to speak to a Hilltop adviser.