The Pension Confidence Index 

A quarterly measure of the mood of the nation when it comes to their retirement outlook.

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How do we all feel about retirement? Whether at retirement age or nowhere near it yet, this index tracks sentiment around long-term finance and the reasons behind it.

Latest headline findings:

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Brits feel more negative than positive about their retirement outlook, with a Pension Confidence Indicator of -10 in December 2023.

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Positive pension sentiment grew among over 55s, in the three months from September to December 2023.

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The State Pension remains a key factor behind whether people, of all ages, feel good or bad about their future.

18 - 24
years old
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46%

Feel positive about their pension

42%

Feel the same about pension outlook as last year

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Top reason for positive sentiment: “My personal contributions are relatively good” (27%)

24%

Plan to increase contributions as top pension priority

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Top reason for negative sentiment: "I can’t afford to contribute enough" (34%)

25 - 34
years old
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58%

Feel negative about their pension

49%

Feel the same about pension outlook as last year

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Top reason for positive sentiment: “My employer contributions are relatively good" (26%)

27%

Plan to increase contributions as top pension priority 

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Top reason for negative sentiment: “I’m worried my costs will be high in retirement” (29%)

35 - 44
years old
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55%

Feel negative about their pension

49%

Feel the same about pension outlook as last year

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Top reason for positive sentiment: "My employer contributions are relatively good" (26%)

28%

Plan to increase contributions as top pension priority 

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Top reason for negative sentiment: "I can't afford to contribute enough" (31%)

45 - 54
years old
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63%

Feel negative about their pension

47%

Feel less positive about their pension outlook than last year

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Top reason for positive sentiment: “I’m confident that the State Pension will form part of my retirement income” (24%)

24%

Top priority for next year: plan to Increase contributions as top pension priority

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Top reason for negative sentiment: "I think my pension pot is small" (35%)

55 - 64
years old
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46%

Feel negative about their pension

52%

Feel the same about pension outlook as last year

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Top reason for positive sentiment: "I'm entitled to the full State Pension" (36%)

21%

Plan to find out more about State Pension entitlement

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Top reason for negative sentiment: "I'm worried about the effects of inflation on my living standards" (23%)

65 +
years old
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53%

Feel positive about their pension

59%

Feel the same about pension outlook as last year

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Top reason for positive sentiment: "I'm entitled to the full State Pension" (46%)

19%

Plan to start claiming State Pension

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Top reason for negative sentiment: “I am worried about the effects of inflation on my living standards” (29%)

*Source: PensionBee, total sample size of 2,000 people, with half of the respondents under age 55 (the age people can access their private pensions) and half over 55. 

Want to know something specific about pension sentiment in the UK? Please get in touch at [email protected] to request further regional, gender and other demographic breakdowns.

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