New research from HL reveals that 1 in 5 of us are worried about running out of money in retirement.
A further 22% are concerned that they might not have the lifestyle they had hoped for.
Only 12% of respondents say that they feel confident that their retirement plans are on track.
A further 12% say that they are confident but felt that they may need some help.
11%, whilst confident about their finances, worry about how they will spend their time.
Helen Morrissey, head of retirement analysis, Hargreaves Lansdown:
“In an ideal world retirement should offer freedom, with the time and the money to do what you please. However, the reality, for many, is very different. Our latest research shows that more than 1 in 6 people admit that they are worried they may run out of money. A further 22% said that they were concerned they may not have the lifestyle they want in retirement.
The panic about pensions far outweighs those who feel confident about their plans. Almost 90% of people did not feel confident that their retirement plans were on track. A further 12% say that they felt confident but may need more support to get where they need to be.
If you are worried about your retirement, there are things you can do. It’s never too late to make a difference to what you end up with – the important thing is to engage.
Here are five actions you can take now:
1. Go through all your pensions.
Granted, this is not anyone’s idea of an exciting evening, but taking the time to go through your pension statements can be eye-opening. You may have several forgotten pensions from old employers, and when you look at what you have in total, it might be much more than you thought. If you think that you may have lost track of an old pension from a previous employer, then a call to the Government’s Pension Tracing Helpline can help you find it. You just need to give them the name of your employer, or the pension provider, and they will find contact details so you can get in touch and track it down. You could find a pension worth thousands of pounds.
2. You can consolidate.
Once you’ve tracked down all your pensions, you may wish to consolidate. Having one overarching view is easier to manage and can save you time, admin and even money. Having one larger pot can also lead to better decision-making. You may be more likely to cash out smaller pots and spend them, for instance. However, make sure that you aren’t unwittingly giving up any benefits – for instance, guaranteed annuity rates - by consolidating. It’s also worth highlighting that it rarely makes financial sense to transfer out of a final salary pension.
3. What do you want your retirement to look like?
Retirement means different things to different people. You may want to travel the world or spend time with loved ones. Having an idea of what you want your retirement to look like can help you work out how much income you might need. According to our research, only 11% of people said that although they were confident they were on track to meet their financial retirement goals, they were concerned about how they were going to spend their time. So having a plan for what you want to do ahead of time is important.
4. Check that you are on track.
Online calculators, such as the HL Pension Calculator, can be a great way of seeing if you are on track for the retirement you want. If you are, then great. But if you aren’t, don’t panic - you’ve got time to do something about it. It may be the case that you’ve got enough to live on but not quite enough to maintain your lifestyle, or you may find that you are falling short. Whatever the case, you can use a pension calculator to model the impact of increasing your contributions or changing your retirement date so that you can put a plan in place. You may also decide to speak to a financial adviser who can help you get to where you need to be.
5. Boost those contributions.
It can be hard to find the extra money to put into your pension when you have other outgoings to think about. However, making a resolution to increase your contribution with every pay increase or promotion can be a good way of increasing the amount that goes in. Do make sure that you are making the most of any employer contributions. Some employers will increase their contribution if you increase yours. This is known as the ‘employer match’ and can be a great way of significantly boosting how much goes into your pension without necessarily having to put a great deal extra 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.
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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.
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