A YouGov survey of 6,224 UK adults found that 55 percent fear running out of money in retirement, with 63 percent of those concerned under age 50.
Financial experts have outlined practical steps to address this growing anxiety.
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Susan Hope, business development director at Scottish Widows, recommends nine strategies for building a resilient long-term financial plan.
She emphasizes using digital tools to track state pension age and national insurance records via government apps.
Hope advises checking year-by-year national insurance contributions and reviewing employment history to secure credits for illness, unemployment, or caregiving periods.
She highlights the £31 billion in untraced pensions across the UK and urges savers to use the official Pension Tracing Service.
“Make sure the cornerstone of your financial retirement income is covered by the state,” Hope says.
She suggests comparing retirement living standards—minimum, moderate, and comfortable—to estimate needed savings.
Hope also stresses maximizing employer pension matching schemes to leverage compound growth.
“The earlier you start taking advantage of free money from your employer and the investment growth, the better,” she notes.
Savers should evaluate property equity, investments, and pensions collectively for tax efficiency. Hope recommends using benefit calculators from Turn2us and Lloyds Banking Group to identify eligible assistance.
Creating pre- and post-retirement budgets helps prevent overspending. Hope advises using single-view apps that display bank balances alongside retirement funds for a clear financial picture.
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