Nearly 70% of public don’t understand pensions products

Almost 70 per cent of the British public do not understand which pensions products they should be investing in, new research has found.

According to a Burges Salmon report, which surveyed over 2,000 members of the British public, 67 per cent of respondents said they don’t understand the products available such as assets and funds.

Worryingly, the report also found that 45 per cent find it “fairly” or “very” difficult to access good advice about pensions.

Burges Salmon head of financial services sector, Kari McCormick, said: “We believe that this is a time of change and a time of opportunity for those operating in the life and pensions industry. We wanted to find out what others think and encourage discussion and debate.

“The findings from both our YouGov and industry surveys present a great opportunity for the pensions industry to develop straightforward, useful, easy-to-use products for consumers that will make retirement planning as simple and effective as it can possibly be.”

Furthermore, 58 per cent of respondents said their workplace pensions will not provide sufficient income for retirement, while 59 per cent were in favour of increasing their contributions at set intervals, such as pay rises.

Burges Salmon pensions partner Clive Pugh, added: “Everyone associated with the pensions industry knows it is complex and multi-faceted; it is also in an almost perpetual state of evolution and flux. Regulatory and legislative changes abound.

“I’m pleased that our report discusses some of the challenges facing the pensions industry and a number of common themes have emerged from the interviews and the surveys. Some are surprising, others confirm existing thoughts.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?

The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.


Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?



In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.

The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.

In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.