Almost half of savers (46%) lack confidence that their money will provide a comfortable retirement, according to a new survey.
Almost a third, 29%, of people questioned did not have a state or private pension, with Gen Z at 59% the least likely to have one.
The figures form part of a new Money Mindset survey from investment provider Charles Schwab UK, which explored the financial attitudes and behaviours of Britain’s retirees and those approaching retirement.
It revealed that 60% of retirees avoided investing due to fear of losing money, prioritising cash savings over potential long-term growth.
A third, 33%, of respondents said more generous tax relief would motivate them to save more for retirement.
Among those who are saving for retirement, one quarter of respondents said they contributed as much as they could to their pensions each year, while another quarter contributed to their pensions but also saved into ISAs or other investments.
However, 18% admitted that they do not contribute as much as they would like, and 16% were unsure of how much they should be contributing.
Notably, Boomers stood out, with 36% saying they were unsure about how much they should save for retirement, more than any other generation.
While Gen Xers are the most likely to say they add to their pension pots, they say they are not contributing as much as they would like (33%).
Richard Flynn, managing director at Charles Schwab UK, said: “The findings show that Britain’s retirees and those close to retirement have built their financial habits around caution and security, which is understandable given the challenges they face.
“However, this also highlights a significant opportunity to empower this generation with the knowledge and tools they need to make more confident financial decisions in retirement.”
• Survey responses were collected and analysed from 1,000 respondents, a representative sample of UK adults, capturing a natural spread of demographics across age, region, and gender from the general population. Research was completed in November 2025.