More than half of Scottish adults do not understand enough about pensions to make decisions about their retirement, according to new research from the Money and Pensions Service (MaPS). The findings also revealed nearly half have no financial plan in place for later life.
Survey findings
The MoneyView 2026 survey, which included 1,200 people across Scotland, found 52 per cent lacked the pension knowledge needed to make retirement decisions. A further 47 per cent had no financial plan for retirement, while 45 per cent were not saving regularly.
The findings were released during Talk Money Week, which runs until November 6, with people being encouraged to take small steps towards improving their financial wellbeing.
Guidance urged
MaPS is urging people to check their pension savings, review contributions and take advantage of free guidance to help them understand their retirement options.
Allison Barnes, Scotland Manager at the Money and Pensions Service, said: "After years of hard work, people across Scotland should be able to look forward to a comfortable retirement. Taking time to understand your pension can help you plan for the future you want.
"Pensions can feel complicated, but support is available to help you understand your options and make informed decisions.
"This Talk Money Week, I'd love to see more people across Scotland take action on their pensions. Whether you have a quick question or your issue is more complex, our experts can give you free, impartial guidance so you can make informed decisions about your pension."
She added: "Don't leave your retirement to chance. Speak to MoneyHelper and the sooner you start, the more time you have to plan, save, and feel ready for the years ahead."
Practical steps
There are several practical steps people can take to understand their retirement savings and make more informed decisions about their financial future.
People who have worked for several employers may have built up different workplace pensions over the years. The free Pension Tracing Service can help people find contact details for pension schemes they may have lost track of.
Reviewing your latest pension statements can help you understand the current value of your retirement savings and how much income they could provide when you stop working. Statements may also show how much you and your employer are contributing.
A defined benefit pension generally provides a guaranteed retirement income based on factors such as salary and length of service. A defined contribution pension builds up a pot of money, with its value depending on contributions and investment performance.
The free State Pension forecast service on GOV.UK allows people to check how much State Pension they could receive, when they can claim it and whether they may be able to increase their entitlement.
MoneyHelper provides free, impartial guidance on pensions and retirement planning. People aged 50 or over with defined contribution pensions can also book a free Pension Wise appointment to understand their options for accessing retirement savings.
Pensions dashboard
The research also highlighted concerns about people not knowing the total value of pension savings accumulated throughout their working lives.
The MoneyHelper Pensions Dashboard is expected to launch during the 2027/28 financial year, bringing information about different pension pots together in one place. The service is intended to make it easier for people to track their retirement savings and understand the income they may have available in later life.
In the meantime, MaPS is encouraging people to take advantage of existing free guidance rather than waiting for the new service.
Despite the concerns highlighted in the survey, Scotland recorded some of the strongest levels of financial wellbeing in the UK, including the highest proportion of people showing no signs of needing debt advice or guidance.
