The Pensions Review
Public knowledge of pensions
The Institute for Fiscal Studies and abrdn Financial Fairness Trust
August 2023
The report finds over a quarter of people do not expect to stop working before 70: 15% of people expect to retire at age 70 onwards and 13% do not ever expect to retire. One in three believe they will have a bad level of income in retirement and the majority think they will be worse off than their parents.
On the state pension:
- 73% think the state pension does not provide enough to attain a decent standard of living in retirement. This varies by age group:
- 78% in the 50-64 age group
- 70% in the 50-64 age group
- 58% of people don’t know what the state pension pays. This is broken down as follows:
- 46% in the 50-64 age group
- 65% in the 25-49 age group
