Over half (53%) of UK adults do not know how their pension investments are performing, Hargreaves Lansdown has revealed.

In a survey of 1,500 people, the financial services firm found that 50% of people aged 18 to 34 do not know how their pension is performing, alongside 49% of those aged 55 and over.

Furthermore, just 43% of those aged between 34 and 54 understand how their pension investments are faring.

Of those who are in the dark on their pension investments, 20% blamed not knowing what to look for, while 18% didn’t know they needed to check.

A further 15% said they didn’t know how to check.

Head of workplace savings analysis at Hargreaves Lansdown, Clare Stinton, said: "The gender pension gap doesn’t happen overnight, it builds over a lifetime, due to career breaks, the gender pay gap, and more women working part-time. Understanding your pension and taking early action can narrow the gap. Supercharging contributions in your 20s and 30s, paired with checking in on how your investments are doing while you have decades ahead, can deliver powerful long-term results.

"It’s encouraging that 50% of those aged 18-34 understand how their pension is doing, just a whisker behind the 51% of those aged over 55. For those in the dark, the main barriers are not knowing where to look, or how to check investment performance, with 18% unaware they even need to. This underlines the critical role of financial education. With so many unsure of where to begin, it’s clear we must do more to empower people to take control of their financial future."

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