UK savers want more support as retirement saving pressures grow

While automatic enrolment has helped millions of UK workers start saving for retirement, many still feel they are not saving enough. Our latest Global Retirement Savers Survey found that 57% of UK savers say they are already contributing all they can afford to their workplace pension, yet 44% remain unsure whether their retirement savings will provide a comfortable retirement.

Short-term financial priorities continue to compete with long-term retirement goals. Building emergency savings (20%), saving for a child’s education (16%), and paying down debt (16%) are the biggest barriers preventing UK savers from increasing pension contributions. The findings come as the debate around emergency savings and financial resilience continues to gain momentum in the UK pensions industry.

The survey also highlights the importance of workplace pension defaults. Preference for having retirement savings automatically invested increases with age, with 41% of UK Baby Boomers favouring default investments compared with a global average of 31%.

For many savers, the appeal is rooted in trust and simplicity. Over half (51%) of those who prefer defaults believe investment decisions are best left to professionals, while 43% say they do not feel knowledgeable enough to choose investments themselves.

However, the findings also point to an important challenge for the industry. While confidence in defaults grows with age, retirement needs typically become more individual as people approach retirement and begin considering how they will ultimately access their savings.

For advisers and pension providers, the results reinforce the need for more flexible and holistic support - helping savers balance immediate financial pressures with longer-term retirement outcomes.

Sign up to access the full Global Retirement Savers Survey results and explore how UK savers are redefining retirement expectations and financial wellbeing.

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Richard Parkin Head of UK Retirement

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