Nine in 10 (92%) pension savers would retire earlier than they planned if they were able to save enough to quit work and live comfortably, according to new research.
The research found a significant gap between retirement aspirations and reality among workers.
Two in five (43%) employees were not confident their pension would fund a comfortable retirement, according to the research from workplace pension provider Penfold.
The research found that many employees were facing at least one barrier to becoming more engaged with their pension savings.
Four in five (82%) employees said they did not have a clear picture of whether they were on track or what they would need to retire on their own terms.
They were also facing more near-term financial challenges, with 13% having reduced, paused or stopped their pension contributions in the last 12 months due to cost-of-living pressures.
Chris Eastwood, CEO and co-founder at Penfold, said pension savers needed to be provided with a clearer picture of what their savings could mean for later life if they were to make more informed decisions.
He said: "What stands out from this survey is just how many people would choose to retire earlier if their finances allowed it. But wanting to retire earlier and knowing how to get there are very different things. Without a clear sense of what their pension is likely to produce in retirement, it can be difficult to plan or know what steps to take.”
The research found that over half (56%) of adults worried about their retirement finances at least once a year, including 52% of over-55s. Only 18% described themselves as confident about retirement, 24% felt anxious, 16% were fearful and 15% were stressed.
When asked what makes retirement planning difficult, 14% cited fear of getting older, with others pointing to lack of knowledge (22%) and confidence (15%).