Millions of workers are not prepared for retirement | will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by will always be from Be Scamsmart.

ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 21/08/2019

More than half (64%) of workers aged 45 and over do not know how much they will need to save to afford a comfortable retirement, research by Aviva UK has found.

With the full new state pension currently valued at £168.80 per week, which adds up to a retirement income of £8,777.60 per year, it is important for workers to know how much they will need to personally save in order to supplement their state pension and enjoy a comfortable retirement.

Along with knowing how much they need to save, employees also need to know how much they have saved already, however Aviva UK’s research also found that 37% of employees have no idea of how much they have already saved for their pension. In addition to this, the research found that 26% do not know at what age they’ll be eligible for the state pension.

Lindsey Rix, managing director of savings and retirement at Aviva, said: “Millions of mid-life employees are flying blind, and fast, towards their retirement. At the same time, these employees are calling upon their employers for help.

“Without a clear picture of what they currently have saved or might need to save for a comfortable retirement, our findings show many UK employees are approaching retirement with their eyes closed – with no realistic idea of how near or far they are from their destination.

“As a first step, mid-life employees who are mystified by their pension savings should try to get a clear picture of what they have saved so far and how much of an income this can provide them with over the course of retirement. For some, this may be a pleasant surprise, while for others, it could be the wake-up call that’s needed to spur them to take action. People whose pensions are in need of a boost shouldn’t be disheartened, however, as it’s never too late to save.”

Saving for retirement in your 40s

While it is better to start saving for retirement as early as possible, even at the age of 40 it isn’t too late to start a pension fund. Our guide – starting a pension at 40? – explains what workers need to know about saving for their retirement in their 40s. 


Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

small pension jar

Cookies will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy