Almost half of people have said political instability makes them worried about pensions and retirement income.
Research from the Get Britain Pension Ready campaign by Annuity Ready revealed pension reforms could overwhelm consumers already struggling to get to grips with retirement savings.
Changes to pensions that are due to come into force include the pot for life, the triple lock and a further increase to the age of retirement.
Follow-up research by the campaign found 61 per cent of people had not heard of the pot for life reform and 52 per cent were confused by the term triple lock.
It also revealed 63 per cent of people were not even able to correctly identify the three factors considered in the triple lock despite it being something election campaigns are being fought on.
Annuity Ready warned how parties choose to communicate pending state pension reform could have ‘major implications’ moving forward as people look for clarity and certainty in their pensions when planning for retirement.
According to the research from the campaign, currently 37 per cent of people are filled with fear and dread even just at the thought of planning for their pensions.
Sarah Lloyd, commercial director at Annuity Ready, said: “Pension reform has been in the spotlight over the past few months, which is no surprise given the implications it has for people’s livelihoods. It’s worrying that so many people feel confused and fearful of pensions and planning for retirement.
“The changes that are due to be decided by the next election will impact people across the country and the uncertainty surrounding these decisions is only creating greater worry for them.
“It is our collective responsibility to make sure the general public understands the terminology and policies being proposed, as these will ultimately impact their income and quality of life in retirement. This is why the Get Britain Pension Ready campaign is committed to providing access to free resources for all.”
In January the campaign found 33 per cent of people didn’t feel confident in their understanding of the financial options available to them in retirement.
With women almost twice as likely to lack confidence in their understanding compared to men.
Morgan Vine, head of policy and influencing at Independent Age, said: “The pensions system is incredibly complex. Ensuring people feel as informed and supported as possible is vital because not everyone is financially comfortable in later life, and many don’t have large pension pots.
"Currently, one in six older people live in poverty and this increases to one in five for those approaching state pension age. These are huge and unacceptable numbers.
“Everyone deserves the security of knowing they can have their essential needs met in retirement, and while many people are saving into private pensions, it’s vital that there is a strong foundation in the form of the state pension and the social security system.”
