Following research from The National Association of Pension Funds (NAPF), Mike Morrison, AXA Wealth's head of pensions development, commented:
"Recent findings from NAPF have shown that 47% of those aged between 18 and 34 - more than 6 million people - would save more for their old age if they knew how much state pension they would be entitled to.
"A lot has been done to inform and educate the country on the importance of long term savings, and there is evidence that the message is getting through. However, while stories on pensions are constantly in the media, successive governments have presided over increasing layers of legislation designed to simplify pensions but for the average consumer this has complicated matters further. For some this has looked like 'death by a thousand cuts'.
"To address this growing social problem there should be greater openness from all parties, including policy makers the government must consider how it can best speak plainly and clearly about what the state will provide, and what people will need to save on top of that if they are to have sufficient income in retirement, before it is too late to plan. AXA Wealth has long been an advocate of transparency and simplicity across both the state and private pensions sector.
"We are supporters of a more generous and simplified state pension for all consumers. It is our belief that this is the only way to remove the uncertainty clearly felt by many and to create better transparency for people across the board."
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