Great British Retirement Survey 2025: out now

interactive investor’s sixth iteration* of its Great British Retirement Survey outlines the stark reality of pension saving in the UK as it calls for greater pension engagement and clarity for pension savers. interactive investor spoke to 9,000 people across the UK (5,000 nationally representative savers and 4,000 interactive investor customers), using award-winning consultancy Opinium Research.**

The full 2025 report can be viewed and downloaded on interactive investor’s website here – it includes detailed analysis from interactive investor’s team of experts.

Outlining the report, Richard Wilson, Chief Executive at interactive investor, says: “Since the Great British Retirement Survey launched in 2019, the nation’s finances continue to be tested.A period with five prime ministers, two general elections, a global pandemic, and a cost-of-living crisis has left many families focusing on their short-term financial needs and longer-term financial resilience was put on the back burner.

“Our market-leading retirement survey finds that rising costs have eroded the financial security of many families across the UK. More people are in debt than two years ago, and older workers are responding by working harder for longer. Against this uncertain backdrop, many have little spare to bolster their long-term retirement savings. Many pension savers are on track for financial insecurity in retirement and they are increasingly worried. 

“At interactive investor, we want everyone to feel confident managing their retirement finances – and their investments more broadly. If we can change the culture around pensions and make it something everyone can actively engage with rather than passively accept, we may well be able to break at least some of that sense of overwhelming fatigue and confusion. 

“We hope the data in this survey – although a sober read – gives our industry and the government some food for thought, and actionable next steps.”

A summary of the key findings and themes in the report:

N.B - This is just a snapshot, much more detail can be found in the full report – linked above.

Delaying retirement 

• More people are working into their 60s than two years ago. 
• Just one in 10 (10%) people describe themselves as retired in their late 50s, compared to 15% two years ago.
• Almost half (56%) aged 61-65 are still working compared to 50% two years ago. 

Unsecured debt 

• 43% have unsecured debt compared to 39% in 2023, with the biggest rises in older cohorts. 
• Over one-quarter (27%) of Gen Z (aged 18 to 28) have defaulted on a bill or debt payment for three or more months during the last six months. 

Retirement uncertainty

• Over nine in 10 (92%) of Gen Z and six in 10 (62%) of Millennials (aged 29 to 44) don’t know what age they expect to retire. 
• Four in 10 (39%) of the Gen Z cohort expect to get their main income from working in retirement. 
• There is rising concern about saving enough for retirement – 41% of those age 55 to 60 are now concerned about saving enough for retirement, compared to 31% in 2023. 

Unprepared for retirement 

• All generations expect to fall short of a comfortable retirement.
• Gen X (aged 45 to 60) expect average pension wealth of £150,000 but say that £350,000 is needed for a comfortable retirement.  
• Gen X know the least about pensions, despite nearing retirement – half of Gen X (50%) don’t know how they will manage their pension in retirement. 

Increasing reliance on the bank of Mum & Dad 

• Living inheritances have soared in the past three years, 19% of those over state pension age have been given a “living inheritance”, compared with 15% in 2023.
• Almost one-quarter (23%) of over 65s are planning to give a “living inheritance” in the next three years, up from 18% in 2023. 
• Most respondents (56%) expect to receive or have received an inheritance – this rises to (65%) among older Gen X aged 55-60. 

Worrying lack of knowledge 

• 42% don’t know the pension pot required for a comfortable retirement and 34% of pension savers don’t know how much they expect to have saved by retirement. 
• 44% are unclear on how to manage income in retirement and 46% don’t know if their fund de-risks as they approach retirement. 
• Persistent lack of awareness of the costs associated with pensions and investments.

Inheritance tax (IHT)

• 41% of Baby Boomers (aged 61 to 79) aren’t aware of the introduction of inheritance tax (IHT) on pensions. 

Rising concern about care costs

• 21% say not being able to afford good quality long-term care is a big concern, compared to 17% two years ago (2023).

The wealth gaps

• Considerable wealth gaps among women, single people, and divorcees.
• Women have lower financial expectations for retirement, expecting £150,000 pension wealth by retirement, compared to £250,000 for men, while divorcees expect just £75,000.

Lack of financial literacy and support structures 

• Two-thirds (65%) would have liked more financial education in school. 

For more information on this survey, or to speak to our experts, please do get in touch via the contact details below.

*The previous Great British Retirement Survey was in 2023.

**A note about the research sample 

We spoke to 9,000 people across the UK, using award-winning, consultancy Opinium Research between 13 February 2025 and 29 April 2025 to find out more about their retirement plans, financial worries and finances. 

The sample is split into two – 5,000 are representative of the whole UK population and these results make up the bulk of the report. The remaining 4,000 are from our interactive investor community (both customers and highly engaged newsletter subscribers). Unless highlighted in the report, we are referring to the nationally representative sample.