Close to three in five (56%) of Britons think pensions are complicated and confusing, according to a new report.

Nearly half (45%) of UK adults that have yet to retire are avoiding thinking about how they will finance their retirement because it makes them anxious, according to the report from pension adviser My Pension Expert.

Just 36% of the 2,000 surveyed said they are confident they will retire with enough money to achieve their desired lifestyle.

A lack of financial education and advice emerged as another concern. Over half (56%) of respondents think pensions are complicated and confusing, and 38% find it difficult to access reliable financial information, education or guidance.

Half (51%) said finding a balance between short-term financial goals and saving for retirement is too difficult, with 57% stating that the rising cost of living has made it difficult to save for retirement in recent years.

Lily Megson, policy director at My Pension Expert, said: “After years of financial volatility, it’s no wonder so many people are feeling overwhelmed and anxious about their retirement prospects. Tellingly, our research shows how this is resulting in people avoiding pension planning altogether, which must be addressed.

“Compounding the issue, gaps in financial literacy have made some people feel ill-equipped to manage their finances, leaving them in the dark as to what a successful retirement saving strategy might look like for them.

“As an immediate priority, improving access to accurate, reliable financial information and advice is crucial to getting Britons back on the right track. Once people have the right resources to understand their options and feel confident in their retirement planning, the path ahead will likely feel far less anxiety-inducing.”

• Opinium surveyed 2,000 UK adults on behalf of My Pension Expert between 9 and 14 August.