New Chancellor John Healey has been urged to focus on economic growth by financial experts.

Nearly 40% of over 55s (38%) have no plan in place for the tax-free cash they can get from their pension.

ISA investors piled into global tracker funds and US equities in a last-minute push to maximise tax-year allowances at the start of April, according to Hargreaves Lansdown.

SIPP investors remained bullish overall in the first quarter of 2026, according to new figures published by Hargreaves Lansdown.

The number of clients contributing £60,000 to their SIPP has increased 61% since the annual allowance was raised in the 2023/24 tax year, according to new data from investment platform Hargreaves Lansdown.

The number of female SIPP millionaires at platform and investment provider Hargreaves Lansdown rose by 31% in 2025 compared to a 16% rise for male investors.

There are now an estimated 39.1m income taxpayers, up 6.1m from when thresholds were frozen in 2021/22, according to analysis of HMRC figures.

Only 42% of people have a clear understanding of what their retirement options are, leaving them at risk of sleepwalking into bad decisions, new research has warned.

The figure, compiled by Hargreaves Lansdown, increases slightly to 45% of the over-55s, but still points to a lack of understanding even among the older people.

The firm said the lack of understanding leaves people at risk of making decisions they can’t unwind, potentially running out of money or incurring unnecessary tax bills.

Hargreaves pointed out that the upcoming targeted support reforms will be hugely helpful in guiding people to understand what is right for them. It added that those able to access financial advice will be supported through their decisions.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Those who have access to a financial adviser will have valuable support navigating the processes in the run up to, and through, retirement.”

She pointed out that advisers and Financial Planners will talk clients through issues such as attitude to risk, the impact of long-term inflation on purchasing power, how to take an income and whether flexibility or certainty is more important, or a combination of both.”

She added that the targeted support reforms coming in from April will be good news for those without access to a financial adviser. “These will enable providers to really step up the support they can offer to their customers by being able to offer options based on what might work for 'people like them.' Such reforms have the potential to be a real gamechanger for people navigating the complex retirement landscape.”

• The survey of 1,500 people was conducted by Opinium on behalf of Hargreaves Lansdown in October 2025.

Cash ISAs had a record year in 2025, with £57bn of money paid into the accounts, according to the latest Bank of England Money and Credit figures.

Hargreaves Lansdown has reduced its fees for the first time in a decade, in a move which is claims will see half of its clients pay less.

Less than one in five (19%) of people said they would consider downsizing their home in retirement.

Hargreaves Lansdown has appointed Vanguard’s US MD Matt Benchener as chief executive officer as a permanent replacement for Dan Olley, who stepped down from the position last May after less than two years.

Savers put £5.1bn into cash ISAs in November, following Budget concerns about the future of the annual allowance.

Investors withdrew £5bn from equity funds in October as concerns about the impact of Budget measures rose rapidly, according to Investment Association data.

Over one in four savers (27%) expect to be either totally or heavily reliant on the State Pension in retirement.

The Chancellor has confirmed in an interview with Martin Lewis that pensioners whose sole income is the state pension will not have to pay income tax once it breaches the threshold for paying basic rate tax.

The top 10% of earners are expected to see more than £2,000 extra average in tax as a result of the changes announced in the latest Budget, according to analysis by Hargreaves Lansdown.

In the Budget today Rachel Reeves announced that the rate of tax paid on dividends, property and savings will rise two percentage points.

The thresholds at which people pay income tax will be frozen until the end of the 2030/31 financial year it was revealed in the Budget, longer than most experts predicted.

The government is reportedly planning to cut the cash ISA annual allowance to just £12,000 in today’s Budget.