One in five pension savers (19%) mistrust their financial adviser, according to a new report.

Just 69% of pension savers with a professional financial adviser told consultancy Retirement Review that they trust their adviser.

Among those who had frequent contact with their adviser, trust levels rose significantly to 88%, while mistrust dropped to just 11%.

A similar number of pension savers (68%) said they trust their pension provider, with 20% expressing mistrust.

Family were the most trusted source for advice on retirement, with 70% of the 3,000 pension savers surveyed saying they would turn to family members for retirement guidance.

The Government was the least trusted source for retirement advice or guidance, with just 43% of those surveyed saying they trusted Government guidance, and 47% saying they mistrust the Government.

The report also highlighted how inheritance tax changes and the continued rising cost of living have effected pension behaviours.

Among those with SIPPs or defined contribution workplace pensions, 20% said they may draw down funds earlier or contribute less as a result of planned reforms.

Matthew Morris, a spokesperson for Retirement Review, said the report shows how financial advisers need to help educate the public.

He said: “Our 2025 report shows that the consumer sentiment towards retirement and the pensions industry is one of disinterest and uncertainty. They are badly underestimating the amount they need to save in order to achieve the retirement they want and unsurprisingly lack sufficient knowledge on products like annuities to make an informed decision.

“They don’t have a negative perception of the pensions sector so there does appear to be a big opportunity for advisers and providers to make a concerted push to help to educate the public. With 36% saying they would prefer to receive targeted advice from an adviser and 69% saying they trust advisers as a source of pensions information, advisers are well-placed to reach out to those 20% who don’t know who they should receive their support from, as well as further afield.”

Opinium surveyed 3,000 UK adults between 40 and 66 years old in February 2025 on behalf of Retirement Review.