Research from HL shows only 38% of people are confident they can afford to retire.
This edges up marginally to 39% for those aged over 55.
Women feel less optimistic than men, with just 32% agreeing versus 44% of men.
Only 15% of self-employed people feel financially prepared for retirement.
Renters are also less likely to feel secure about their retirement prospects.
Helen Morrissey, head of retirement analysis, Hargreaves Lansdown:
“If you’re worried about your retirement, you’re not alone. Less than four in ten of us feel confident that we can afford to retire. This may not be so much of an issue if you’re young and have time to plan but it’s a problem for those who are older – only 39% of those over the age of 55 think they can afford to retire. It’s also a concern amongst women, with only 32% saying they were confident compared to 44% of men. The self-employed (15%) and renters (31%) are also vulnerable.
However, there’s lots that can be done if you’re worried about your retirement prospects, and it’s never too late. It can be tempting to put your head in the sand but taking the time to get a proper sense of what you have and what that can give you in retirement can be transformational for reaching your future goals.
Be your own pensions detective
Taking steps, such as making sure that you haven’t lost track of an old pension, are important. As we move between different jobs, it can be easy to lose track. Go through your paperwork to make sure you have information for all your pensions, and if you think you’ve lost one, then a call to the Government’s Pension Tracing Helpline can help you find it. All you need is either the name of your employer or the pension provider. They can’t tell you if you have a pension with them, but they can give you contact details – you could find a pension worth thousands of pounds.
Once you’ve tracked down all your pensions then it might make sense to consolidate them. Having one overarching view will give you a better sense of what you have, and save you time, admin and potentially money. Just make sure that you aren’t incurring exit fees or missing out on valuable benefits such as guaranteed annuity rates by consolidating before you do so. It also rarely makes sense to transfer a final salary pension.
Do the maths!
Putting your details into an online pension calculator, such as the HL Pensions Calculator, can also give you a greater sense of what you have and what that might give you – it’s one step closer to the retirement lifestyle that you want. If it does then that’s great, but if there’s a gap, you’ve got time to do something about it. Taking small steps, such as boosting your pension contribution every time you get a pay rise or promotion, can have a big impact over time. And if you can afford it, making the most of your employer contribution is also a good idea. Some employers will pay in more if you do – this is known as the employer match - and can see your contribution grow without you necessarily having to put much more in yourself.”
Notes to Editors
HL is the UK’s largest investment and savings platform for private investors and more than 2.2 million clients trust us with £205 billion (as of June 2026).
We help Britain build wealth, with confidence. Our promise is simple: to provide the best products, the best support and the best value. Founded in 1981, we’ve been helping people save and invest for a better financial future for more than four decades. We offer a lifelong, secure home for our clients’ investments and savings, combining great value with outstanding service, to make managing your money easier at every stage of life.
Our award-winning Savings & Resilience Barometer measures the nation’s financial resilience across our 5 to Thrive pillars, equipping people with the tools they need to strengthen their financial futures.
Saving and investing is for the whole family, and to support intergenerational wealth transfer, we’ve removed all platform charges and share dealing fees on our Junior ISA, meaning kids go free, and we’ve reduced the platform fee on our Lifetime ISA to 0.25%, supporting those savings for their first home or for retirement.
Regular saving into all funds, FTSE 350 shares, and selected investment trusts and ETFs is free.
Our clients also have access to the most comprehensive pension and retirement solution, including SIPP accounts, SIPP Income Drawdown, UFPLS payments and annuities, as well as over 14,000 investment options across funds, shares, ETFs, investment trusts, bonds and gilts.
HL Active Savings is the UK's largest retail cash savings platform that lets savers easily make more of their money and the HL Cash ISA allows savers to manage their Cash ISA portfolio across multiple banks, all within one account.