Why preparing for retirement has never been more crucial
A new study reveals how people in the UK manage their pensions, highlighting notable differences based on gender, income and relationship status. Almost half (44%) of those surveyed consider themselves the main organiser of pensions in their household, while 22% of people in relationships believe their partner fulfils this role[1].
This gap highlights a potential communication issue within couples, emphasising the importance of open discussions about retirement goals. Interestingly, men are more likely to see themselves as pension planners (54%) compared to women (35%). While this might suggest a confidence or engagement gap, it also prompts questions about how each gender perceives financial knowledge and leadership roles within households.
The sand dilemma
Alarmingly, nearly three in ten (29%) people aged 45 to 54 admit to ‘burying their heads in the sand’ regarding their pensions. Although most already have workplace pensions, their uncertainty about where to start highlights the importance of accessible tools and guidance that make retirement planning easier.
Income also seems to affect pension planning habits. Just a third (33%) of those earning £35,000 or less see themselves as pension planners. This may reflect concerns about affordability or a broader disengagement from long-term financial planning. Conversely, engagement rises with income, with two-thirds (66%) of those earning between £75,001 and £100,000 taking an active role, and this increases to 80% among those earning over £125,000.
Beyond income-driven tendencies
The trend among higher earners might indicate that greater disposable income allows individuals to take control of their retirement planning. However, in many households, one partner often focuses on pension contributions while the other manages daily expenses. This joint financial effort may appear to be the work of a single pension planner, when in fact it is a mutually agreed-upon strategy.
Furthermore, the study highlights how couples manage their retirement savings. One in five claim their partner takes charge of the planning, reflecting reliance on each other. Notably, over one in ten couples (13%) admit to both of them being procrastinators when it comes to discussing their future retirement, which clearly calls for taking action to initiate conversations sooner.
From hesitation to action
For some people, a reluctance to plan stems from feeling overwhelmed by the complexity of pensions. The language can be intimidating, and many lack confidence in choosing the correct options or knowing how much to contribute. These barriers can lead to inaction, but the good news is that overcoming them is possible, especially with the availability of online resources, expert advice and financial education.
The challenges arise not only from a lack of knowledge, but often from prioritising short-term costs over long-term savings. It’s natural to focus on daily expenses, but saving even small amounts for pensions can provide substantial benefits in ensuring future financial stability.
Finding the balance
Finding the right balance between enjoying the present and saving for the future is essential. Retirement may seem a long way off to some, but starting earlier – even with smaller savings – can significantly benefit from the power of compound growth. For those who start later, increasing contributions and exploring tax-efficient pension options can help them get back on track.
Having open discussions within families or with us can also bring clarity and reduce the fear of the unknown. These conversations are vital not only for raising awareness but also for encouraging mutual understanding of shared goals.
Empower the procrastinator within
Every pension procrastinator has the potential to become an active planner if equipped with the right tools and mindset. Breaking the process into manageable steps can be empowering. Start by reviewing your existing pension statements or logging into your workplace pension portal to understand your current situation. Then, take the time to set realistic goals and explore resources, such as pension calculators, to estimate your future needs.
Finally, remember that retirement planning isn’t a one-time task. Regular reviews, adjusting contributions in line with salary increases and checking for any changes to pension regulations can all help keep you on track towards your goals.
Take control of your financial future
With the UK’s ageing population and increasing life expectancy, preparing for retirement has never been more important. Whether you see yourself as a skilled pension planner or an uncertain procrastinator, the key to success is to take action, no matter how small the first step might seem.
Source data:
[1] The research was carried out by Censuswide, involving a sample of 2,000 general consumers who are in a partnership, married, or in a registered civil partnership. The data were collected between 15 May 2025 and 19 May 2025. Censuswide adheres to and employs members
of the Market Research Society, following the MRS code of conduct and ESOMAR principles. It is also a member of the British Polling Council.
This article does not constitute tax, legal or financial advice and should not be relied upon as such. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. For guidance, seek professional advice. A pension is a long-term investment not normally accessible until age 55 (57 from april 2028 unless the plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.