Nearly 3 million do not know if they can retire comfortably an Aviva survey has revealed.
According to the study, 39% believe their pension will only provide enough money to “just get by” while only 20% said it would be enough to retire comfortably.
Meanwhile one-in-ten which potentially equates to 2.85m employees had no idea what their finances would look like in retirement.
Employees aged 16-24 were the most positive of all age groups about their retirement finances (29%), in comparison to just 13% of over 55-year-olds saying their pension would be enough to retire comfortably.
Almost three quarters of employees (72%) reported that the cost-of-living crisis has made them feel more anxious about their finances with women (78%) more likely to be concerned than men (65%).
The report also found that 79% of employees would like more support from their employer with planning for a financially comfortable retirement.
Some 41% said that they would like more information on how to build up a pension pot, and 45% would like more information on how to make a pension last throughout retirement.
Emma Douglas, director of workplace savings & retirement, said “Pension-freedom legislation has given people more flexibility and choice when it comes to deciding how to use savings at retirement, but it has also created a wealth of options.
“It is desperately concerning that many pension savers are overwhelmed by the choices they face and are sleepwalking into retirement.
“This is a particularly financially challenging time which makes it more important than ever that people understand their pension savings and the retirement options available to them.”
“We are calling on the government to support pension savers, by ensuring that they get access to some form of financial advice at retirement. We are also asking for the removal of regulatory barriers to allow providers and other regulated entities to deliver more effective support, such as personalised guidance.”
