PensionBee Research Reveals 49% of Savers Avoid Asking 'Basic' Retirement Questions

New research from PensionBee reveals that nearly half of UK savers avoid asking fundamental pension questions due to embarrassment, highlighting a significant confidence gap in the retirement sector. For fintech professionals, this underscores the urgent need for more intuitive digital tools and clearer communication to bridge the divide between complex financial products and consumer understanding.

What was announced

Published to coincide with Talk Money Week (2–6 November), the study indicates that 49% of savers have withheld questions they feared were too basic or embarrassing. This reluctance appears linked to a wider sense of uncertainty, with only 13% of UK savers feeling "very confident" about how their pensions function. In contrast, 52% admit to being either not very confident (34%) or not at all confident (18%).

The research identifies specific areas where savers feel most vulnerable. The primary concern is the final retirement balance, with 22% of respondents unsure how much they will have when they retire. This is followed by uncertainty regarding how much they need to save (19%), how to track down pensions from previous employers (14%), and the mechanics of accessing savings (12%). Only 10% of savers expressed confidence across all these areas of their pension.

Operational data from PensionBee supports these findings. Their account managers, known as BeeKeepers, manage an average of more than 23,000 customer enquiries every month via live online chat, phone, and email. Common queries involve the ability to withdraw money early and the distinction between Defined Contribution (DC) and Defined Benefit (DB) schemes. Furthermore, 42% of savers reported losing track of a pension pot from a previous job at some point, with 25% still yet to locate those funds and 12% unsure if they have lost track or not.

"Pensions still make otherwise confident people go quiet. Nobody wants to admit they don't know what their pension is worth, or that they've lost track of an old workplace pot from a job they left a decade ago, but there's no such thing as a silly pension question when it comes to your retirement savings and it’s far better to overcome the shame and ask it rather than be left in the dark."

Becky O’Connor, Head of Pensions at PensionBee

The companies involved

PensionBee is a prominent UK-based online pension provider designed to simplify the process of consolidating and managing retirement savings. The company allows users to combine multiple pension pots into a single online plan, providing a digital-first approach to a traditionally paper-heavy industry. By offering a platform where customers can see their current balance in real-time and make contributions or withdrawals through a mobile app, PensionBee has positioned itself as a disruptor in the legacy pension market.

The firm employs dedicated account managers, branded as "BeeKeepers," to provide human support alongside its automated features. This hybrid model aims to address the complexity of pension regulations while maintaining the efficiency of a fintech platform. PensionBee has become a significant player in the UK retirement space, frequently engaging in public discourse regarding pension reform and consumer financial literacy. With over 100 mentions in FF News coverage, the company is a frequent source of data on the saving habits and financial challenges facing the British public, particularly regarding the transition from traditional employment to self-employment and the impact of government fiscal policy on long-term savings.

What FF News has reported before

FF News has extensively tracked PensionBee’s efforts to highlight the challenges within the UK retirement landscape. Recently, the company provided a deep dive into the PensionBee Analyzes 2026 Autumn Budget: What New Pension Measures Mean for Savers, examining how new measures would impact households. The firm also raised alarms regarding the Self-Employed Workers Face £70,000 Retirement Shortfall as PensionBee Calls for Urgent Budget Reform, calling for systemic change.

Other coverage includes an analysis of the Budget 2026: How PensionBee Navigates the 'Known Unknowns' for British Savers. Additionally, PensionBee conducted a critical study into the role of technology in financial advice, finding that PensionBee Study: 1 in 10 AI Pension Answers Risk Financial Harm to Savers, reinforcing the need for human oversight in the sector.

What this means

This data suggests that despite the proliferation of "user-friendly" fintech apps, the underlying complexity of pension products remains a formidable barrier to consumer engagement. The fact that half of savers are too embarrassed to ask questions indicates a failure in the industry's communication strategy. Legacy providers are under increasing pressure to modernize, but this research shows that digital interfaces alone are not enough; there is a clear demand for accessible, non-judgmental human support. As individuals take more responsibility for their retirement, the sector must decide whether to continue profiting from consumer inertia or to invest in the radical transparency required to close the confidence gap.