Almost two-fifths (38%) of workers fear they will never be able to afford to retire while more than four in five (83%) say rising living costs will leave them less comfortable in retirement.
Most pension savers (82%) are concerned they will need to work longer to save sufficient money for retirement.
The figures have been published in new research from retirement specialist Wealth at Work.
It shows that concerns about retirement adequacy are growing. The 83% of workers worried about rising living costs hitting their retirement is up from 81% recorded in a similar survey last year. The 82% worried about having to work longer is up from 80% in 2025.
When asked about their total workplace pension contributions, including both employee and employer payments, 41% of employees said they were saving at or below the minimum 8% auto‑enrolment contribution.
A further 29% said they were contributing slightly more, between 9% and 11%, while only 20% said they are saving 12% or more - the level recommended by the Living Pension benchmark for a minimum standard of retirement living.
Worryingly, 10% don’t know how much is being contributed to their pension at all, highlighting low levels of engagement.
Jonathan Watts-Lay, director, Wealth at Work, said: “Many people are understandably worried about whether they’ll ever be able to afford to retire. When meeting day-to-day living costs become difficult, it’s often long-term savings that take a back seat.”
He said one of the problems is that pensions can feel complex and distant, making it easy for people to disengage. He said that’s why ongoing support throughout someone’s working life is so important.
“The earlier individuals engage with their finances, the more options they’re likely to have later on. Workplace financial education plays a critical role, giving people the knowledge and confidence to make informed decisions early and consistently.”
• Research was carried out by Opinion Matters throughout 29/05/26 – 03/06/26 among a panel of 2,000 UK workers, aged 18+ who have a defined contribution workplace pension.