Some 75% of working UK adults who have a pension pot are in the dark about its current estimated value, according to research released for Pension Awareness Week.

The research, conducted by YouGov for IFA directory Unbiased, also found that 26% of working UK adults do not know how much they hope to live on annually after they retire.

Despite the gaps in knowledge only one in five workers have turned to a financial adviser despite those who have done so saying they have benefitted from the advice.

Key findings from the research include:

• 57% say they are not confident they have enough time to save
• Just 29% of women feel confident about their retirement plans, compared to 42% of men
• Many cannot explain key pension terms, with only 39% able to explain the 'Triple Lock’
• Just 20% of UK adults use financial advisers for retirement planning

Unbiased says the study reveals that a majority of UK adults feel unprepared for retirement.

Amid rising living costs and ongoing economic uncertainty, hesitation over long-term Financial Planning is leaving many unsure about their ability to save enough for the retirement they want, Unbiased says.

Among those surveyed, younger adults aged 18-34 years were more confident about their retirement (44%) compared to those aged 45+ (31%).

Many people lack broader pensions knowledge. Key pension terms such as "defined benefit" (70%), "defined contribution" (64%), and "triple lock" (56%) remain unclear to a large portion of the population highlighting “considerable shortcomings” in retirement literacy, Unbiased says.

Despite the ignorance only 20% of people report using a professional financial adviser for retirement advice, with family and friends being the most common source at 29%. However, among those who use financial advisers, many report gaining a clearer understanding of their financial goals (36%) and experiencing reduced financial stress (26%).

Karen Barrett, CEO and founder of Unbiased, said: “Too many people in the UK are approaching retirement without a clear plan. Getting an informed plan in place as early as possible is key.

“The advice industry must work harder to lower the barriers to accessing quality advice, especially for those with fewer assets. Government action on mandatory pension schemes, education, and public awareness is also critical to improving the nation’s retirement readiness."

• YouGov total sample size was 2067 adults. Fieldwork was undertaken between 29 - 30 August 2024.  The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).