Half of UK adults say they do not understand enough about pensions to make decisions about their retirement, and 47 per cent do not have a plan for their finances in retirement, according to the Money and Pensions Service (MaPS). The figures come from its annual MoneyView survey of more than 12,000 UK adults, published on 3 November 2026 during Talk Money Week, which runs from 2 to 6 November1.
The survey also found that 45 per cent of people say they are not saving regularly1. Pensions statistics in MoneyView are based on the working age population, and the survey included at least 1,000 people in each of Wales, Scotland and Northern Ireland1. In Scotland, where 1,200 people were surveyed, 52 per cent lacked the pension knowledge needed to make retirement decisions, while 47 per cent had no financial plan for retirement and 45 per cent were not saving regularly3.
Some broader measures improved on last year. Financial dissatisfaction fell from 69 per cent to 63 per cent, the proportion of people lacking confidence in managing their money fell from 46 per cent to 41 per cent, and low financial wellbeing declined from 27 per cent to 24 per cent1.
MaPS said many people do not know the total value of the pension pots they have built up. The MoneyHelper Pensions Dashboard is expected to launch in the 2027/28 financial year, bringing information about different pension pots together in one place1. MoneyHelper has also launched a "Get retirement guidance" tool, which creates a personalised action plan and directs users to guidance and tools1.
"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."
Why it matters for households
The findings concern people's readiness for later life rather than any change to pension rules or rates. For households approaching retirement, the survey suggests a large share have not worked out what income their pensions might provide or how they will draw on savings. The 47 per cent without a retirement plan includes people of working age, not only those about to stop work1.
The practical tools named are free. People aged 50 or over with a defined contribution pension can book a Pension Wise appointment, a one-to-one session covering options for taking pensions and avoiding scams1. MoneyHelper offers guidance by phone on 0800 011 3797, and services in Welsh are available on 0800 756 10121. The free Pension Tracing Service can help people find contact details for schemes they have lost track of3.
The dashboard, when it launches, is intended to make it easier to see the total value of pension savings held across different schemes1. Until then, MaPS points to existing guidance rather than waiting for the new service3.
What happens next
Talk Money Week runs until 6 November 2026, under the theme "It All Counts"1. The MoneyHelper Pensions Dashboard is expected to become publicly available in the 2027/28 financial year1.
Sources3 cited
- Half of Brits say they don’t understand pensions, with many feeling unprepared for retirement | Money and Pensions Service maps.org.uk
- Half of adults lack the understanding needed to make retirement decisions - Pensions Age Magazine pensionsage.com
- More than half of Scots lack pension knowledge to make retirement decisions - Daily Record dailyrecord.co.uk
Pension WiseFree guidance on your options for a defined contribution pension, from age 50
FSCSProtects your money if a bank, insurer or investment firm fails
GOV.UKOfficial information on tax, benefits and government services