Opinium surveyed 4,000 UK adults on behalf of LV= in December 2024.
A third (28%) of Generation X pension savers say they are confused by the financial information they are given about funding their retirement, a survey has found.
Half (50%) of Gen X savers quizzed by provider LV= were unsure about what income option they would choose at retirement.
Two thirds (66%) of these savers aged between 45 and 49 said they felt unprepared for retirement, despite retirement being on the horizon for the oldest members of Generation X.
Generation X individuals are generally considered to be between 45 and 60.
Gwen Haggo, savings and retirement sales director at LV=, said: “As Generation X approaches retirement, it’s clear that confidence remains low and their awareness and understanding of available options is limited.
“Education has never been more important, and this is a critical time for advisers to engage with clients and help them to better understand how solutions like fixed term annuities can provide both flexibility and security.”
Just 7% of the Gen X savers surveyed said they would consider fixed term annuities to fund their retirement, in comparison to 18% who said they would chose a lifetime annuity.
Separate research from provider Royal London earlier this month found that pension savers are failing to engage with their pensions. Two thirds (69%) of adults surveyed did not know how much is in their defined contribution pension pot, while 52% have not thought in the last year about how much money they may need for retirement.
Aviva has also called for greater financial literacy and support around pensions in the UK this month. In a survey it found that a concerning gap between perceived and actual knowledge around pensions in the UK is higher among men that women, with 64% of men vs 43% of women saying they know what they need to know about pensions.
The Aviva research found that a fifth, 20%, of people don’t know what type of pension they have, despite more than half, 53%, of Brits claiming to be knowledgable about pensions.
• Opinium surveyed 4,000 UK adults on behalf of LV= in December 2024.
