Half (50%) of UK consumers think information around pensions and retirement is “overwhelming”, new research from Standard Life has revealed.

The research, Standard Life’s Retirement Voice study, also found that 41% of those surveyed stated that they have no idea what to do with pensions information after they have received it.

Consumers were also revealed to be less confident with their financial decisions as, over the past 12 months, the cost-of-living crisis has “taken its toll on consumer confidence and self-belief” with only 59% of respondents stating they were confident, a fall from the 63% of respondents who gave the same response in 2022.

Likely in response to this, according to Standard Life, more people were found to be viewing third party support as useful with a reported 83% of respondents now saying that they think financial advisers are a useful source of support (an increase from the 73% recorded last year).

Similarly, 76% said speaking with their pension provider or information on their pension provider’s website had been helpful (increasing from 70% and 71% respectively), while 72% said the same about pension provider literature (up from 65%).

How much money their pension will give them in retirement was discovered to be the information most in demand by the survey respondents to help with their financial decision making after being identified as important by 47% of respondents.

This was found to be in larger demand that both knowing how much money is in their pension pot (identified by 46%) and how to make sure they’re paying enough into their pension (32%).

Standard Life managing director for customer savings and investments, Jenny Holt, commented: “People are looking to trusted professionals for help in uncertain times and this has once again highlighted the value of having access to advice when making financial decisions, but it’s also thrown a spotlight on the current advice and guidance gap in the UK.

“The benefits of planning for the future and getting the right support at the right time is clear, but currently financial advice can seem inaccessible, and the existing system doesn’t allow providers to give personalised guidance that considers individual wants and needs.

“The Financial Conduct Authority (FCA) has opened a consultation into broadening access to financial advice, which is welcome, and we’d like to work with the government, regulator and our industry peers to create an environment where consistent, high quality and accessible guidance and advice can be provided.”


This article first appeared on our sister title, Pensions Age.

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