63% of savers have unconsolidated pensions

unconsolidated pensions

The survey also found that younger savers were more likely to be actively engaged with their pensions as a result of the cost of living crisis

Just under two thirds (63%) of UK savers aged 35 to 44 have not consolidated their pensions, according to a new survey published by Wealthify.

The survey of 2,000 UK adults found that the number of savers who have unconsolidated pension pots increased to 71% for those adults aged between 45 and 54 years old.

The survey also found that younger savers were more likely to be actively engaged with their pensions as a result of the cost of living crisis, with just over two fifths of 18 to 34 year olds prioritising saving into a pension.

Chief executive Andy Russell said: Our research has shown that those approaching retirement age are not consolidating and are likely to be the people with the most pots scattered after years of working.

It is important that savers who have multiple pensions lying around consider consolidating them. This not only allows them to play a more active role in the management of that pot, and have a clearer understanding of their investment returns, but could also reduce the amount they have to pay in ongoing fees, Russell said.

The findings published by Wealthify today coincide with a similar survey carried out by Fidelity International, which found that out of 3,000 UK savers, over one fifth (21%) who had a retirement age in mind were altering their retirement plans by approximately two and a half years on average due to the cost of living crisis.

Similarly, approximately one tenth of those surveyed did not know what type of pensions they were currently saving towards.

Head of workplace distribution Dan Smith added: We know from our research that one in five UK adults with a retirement age in mind are delaying or changing their retirement plans by an average of two and a half years as the cost of living crisis deepens.

This Sunday marks National Pension Training Day, where consumers are urged to track down the billions in pensions that are currently unclaimed. Our research shows that one in ten UK adults doesn’t know which types of pensions they currently own – whether it is workplace, private or state, Smith said.

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