Two thirds of people admit they will rely on the state pension ‘to some extent’ in retirement, according to research by Hargreaves Lansdown.
Almost one-in ten say they will be totally dependent on the benefit, while almost one in five say they will be heavily reliant on it, a 14 per cent of people stated that they are unsure.
Women (68 per cent) said that they are more reliant on state pension than men (64 per cent).
Additionally, even relatively small changes can make a big difference to retirement savings. A 22-year-old earning £25,000 per year, contributing at auto-enrolment minimums throughout their career, could have a pension worth £477,500 by the age of 68. However, if they decided to increase their contribution to 10 per cent per year at the age of 32, they would have closer to £550,000 in their pension at the age of 68.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, says: “A full new state pension is currently £241.30 per week. While this will be sufficient for many people to cover their essentials, for the vast majority it will be nowhere near enough to live the lifestyle they enjoyed while they were working.
“The reality is that if you want a retirement where you can afford more than just the essentials, or you want the flexibility to retire early, then you will need to make the most of your pension.”
The age at which you receive the state pension is currently on the rise and is expected to hit 67 in 2028. It’s then expected to start rising to age 68 between 2044-46, though the ongoing review into the state pension age could bring this forward.
The HL data was based on a survey of 1,500 people conducted by Opinium in June 2026.
