Becky O’Connor, Director of Public Affairs at PensionBee, comments on the increased optimism people have about their retirement prospects.

According to PensionBee’s latest Pension Confidence Index, Brits feel more positive than negative about their retirement prospects, for the first time in six months. 

Positive pension sentiment has surged in the last three months, with the Pension Confidence Indicator soaring to +22 in March 2024. This marks a notable increase from -10 in December 2023 and -9 in September 2023.

This shift can be attributed to a significant decrease in negativity among those under the age of 55 and a further increase in confidence among those at and near retirement age. 

Becky O’Connor, Director of Public Affairs at PensionBee, commented: 

It’s encouraging to see a growing sense of pension optimism in the UK, suggesting factors such as falling inflation rates and reduced cost of living pressures, in addition to a recovery in stock market fortunes and the State Pension increase, have played an important role in bolstering confidence.

While it’s often assumed that younger individuals feel more confident when it comes to their pension, due to having a longer period to save, this research highlights a nuanced reality. Initial zeal for pension savings can give way to competing financial demands during the middle of one’s career. It appears for many, it's the proximity to retirement and the attainment of financial clarity that reignites this pension confidence later in life. However, it’s crucial to acknowledge the persistence of the gender gap in pension confidence.

Full release: Pension confidence rises as Brits shift towards a positive retirement outlook

Media contact: Laura Dunn-Sims, PensionBee, 020 3859 5788 / press@pensionbee.com