Pensions and economic status among the 1958 birth cohort prior to reaching State Pension age

Research background

This research report was commissioned to examine how individuals' life histories influence their financial preparedness for retirement. It focuses on the 1958 National Child Development Study () cohort, who were surveyed at ages 62 to 65, prior to reaching State Pension age.

Contribution to the evidence base

Using the 1958 provides a unique opportunity to assess the effect of recent pension reforms and understand individual's retirement outcomes based on their socio-economic experiences during working life. It equips policymakers with robust evidence on the impact on the retirement outcomes and financial wellbeing of a cohort of the British population nearing .

Research value

The findings have informed DWP's understanding of retirement readiness and disparities in pension provision. They support ongoing policy development aimed at improving pension literacy, targeting support for disadvantaged groups, and evaluating the long-term effects of pension reforms.