Half of savers have not asked a question they had about their pension because they thought it would be perceived as too basic, a new survey by PensionBee suggests. As Talk Money Week seeks to highlight the importance of speaking about financial issues, separate research suggests about half of adults have hidden or downplayed spending from those closest to them.

The finding by provider PensionBee that 49% of savers have not asked a pensions question for fear of embarrassment highlights both savers' worry about looking uninformed and the high complexity of pensions, with some questions having no easy answer – for example, how much regular pension they will receive from their defined contribution pot, or how much they need to save.

“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," said Becky O’Connor, head of pensions at PensionBee.

“The reality is that many people are asking exactly the same questions, whether that's how much they'll have at retirement, how much they need to save, or how to track down old pension pots,” she added. 

The PensionBee survey found more than half of savers lack confidence about their pensions, saying they were either not very confident (34%) or not at all confident (18%). Just one in 10 (13%) feel very confident they understand how their pension works, while 35% are fairly confident. 

Savers felt least sure about how much they will have when they retire (22%), followed by how much they need to save for retirement (19%).  

How to find pensions from old jobs (14%) was also among the uncertainties listed – with fewer than half (46%) saying they have not lost track of one – along with when and how to access pension savings (12%) and how their pension is invested (9%). Just 10% felt confident about all of these aspects of their pension. 

The Money and Pensions Service, which runs Talk Money Week, said people who talk about money make better and less risky financial decisions, have stronger personal relationships, help their children form good lifetime money habits, and feel less stressed or anxious and more in control.  

MaPS found that almost half (48%) of adults have hidden or downplayed spending from those closest to them, including gifts and presents (40%), followed by clothes and fashion items (37%) and general online shopping (31%). 

The theme of this year's campaign is 'It all counts', with MaPS encouraging people to take small, realistic steps to feel more in control of money – such as checking a pension, starting a conversation about a money worry with a trusted person, or using a budget planner.

Zoe Burns-Shore, executive director for customer delivery at MaPS, said: “Rising costs, unexpected expenses and wider economic uncertainty can make managing money feel overwhelming, but you are not alone and even small changes can make a big difference. Whether it’s making a budget, shopping around for a better deal on your bills, or cancelling that unused subscription, It All Counts. This Talk Money Week I would encourage everyone to take that first step towards feeling more confident and in control of their financial future.”