Pension savers are calling for increased support from the government, with over 80% in favour of the creation of clear saving benchmarks to meet at specific milestones, a survey from PensionBee has found.

Savers are seeking Government support to better understand how much they need to save for retirement as 24% reported they have ‘no idea’ how much they have saved into their pension.

Meanwhile, 42% of respondents admitted confusion over how much they need to save for retirement, with 42% having a “rough idea” in mind, whereas 27% have no target amount.

The report highlighted the importance of understanding how much to save for retirement, citing data that revealed a significant gap between current pension savings and the amount estimated to be required for a moderate lifestyle in retirement.

It cited data from the Office for National Statistics (ONS), which found that the average pension pot for a 30-year-old saver in the UK is just £7,000, which is significantly below the estimated £44,000 that would be needed at this age to remain on track for a moderate retirement living standard.

This trend looks set to continue into later life, as by age 50, average pension savings amount to £75,100. In comparison, £187,000 is estimated to be required by this age to maintain a moderate retirement lifestyle.

PensionBee director of public affairs Becky O’Connor said: “Millions of Brits are at risk of falling short of the retirement they hope for, simply because they don’t know how much they should be saving or when.

“As people live longer, the need for clear guidance on retirement savings has never been greater. Savers are crying out for more support. Both the pensions industry and the government must play their part in providing clarity to enable people to confidently plan for their later years.”

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