Two thirds of people admit they will rely on the state pension ‘to some extent’ in retirement.
Almost 1 in 10 say that they will be totally dependent on the benefit. Almost 1 in 5 say that they will be heavily reliant on it.
14% of people say they are unsure.
Women (68%) say they are more reliant on state pension than men (64%).
Building up your pension is the best way to reduce dependence on the state pension and give you flexibility when you decide to retire.
Survey of 1,500 people conducted by Opinium on behalf of HL in June 2026.
Helen Morrissey, head of retirement analysis, Hargreaves Lansdown:
“The state pension forms the very foundation of our retirement income - 66% of people admit they will rely on it ‘to some extent’. The level of reliance differs, with 9% saying they will be totally dependent on it while a further 19% say they will rely heavily on the benefit to meet their needs in retirement.
A full new state pension is currently £241.30 per week. While this will be sufficient for many people to cover their essentials, for the vast majority it will be nowhere near enough to live the lifestyle they enjoyed while they were working. In addition, the age at which you receive the state pension is currently on the rise and is expected to hit 67 in 2028. It’s then expected to start rising to age 68 between 2044-46, though the ongoing review into the state pension age could bring this forward. The reality is that if you want a retirement where you can afford more than just the essentials, or you want the flexibility to retire early, then you will need to make the most of your pension.
Analysis HL carried out with Oxford Economics showed 92% of people can meet their essential needs in retirement with a combination of the state pension and their pension savings. However, if you take the state pension out of the equation this falls dramatically to around 42% so the state pension continues to do most of the heavy lifting.
The good news is that auto-enrolment has boosted the number of people contributing to a workplace pension. This should mean that, over time, the number of people totally or largely reliant on the state pension will drop. However, if you want to fulfil all your plans for your retirement years, then it’s worth looking at how you can boost your pension.
Even relatively small changes can make a big difference. A 22-year-old earning £25,000 per year, contributing at auto-enrolment minimums throughout their career, could have a pension worth £477,500 by the age of 68. However, if they decided to increase their contribution to 10% per year at the age of 32, they would have closer to £550,000 in their pension at the age of 68. This either gives them a larger pension when they reach state pension age or the option to retire a bit earlier.”
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.