Most UK adults ignorant of how much they have saved in pension schemes

More than half of UK adults have no idea how much cash they have accrued in pension schemes, mainly because of the country’s job-hopping culture, research has found.

A survey conducted by government website Directgov found that one in six respondents did not know where their money was saved because so many changed jobs frequently. One in five UK adults switch jobs five times or more by the time they are 34.

More than 15% of respondents said they lost track of a pension because they believed it was not valuable. However, Directgov warned that people could be losing out on pension entitlements worth thousands of pounds.

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It found that one in three UK workers aged over 18 have two or more pensions.

Tiffany St James, director of communications at Directgov, said: “Saving for the future is crucial but our research suggests many UK adults are losing touch with their pensions and don’t know how much money they have saved.”