In an uncertain world, how can you feel more confident about your future finances?

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According to our recent research, 83% of people think the world feels more uncertain than it did a few years ago. The result? Many feel less certain about their future finances. But these five tips could help give you a bit more confidence.

1. Check in on your pension plan(s)

If you have a pension plan, paying some attention to it could help you feel more confident about the future.

You could start by checking the current value of your plan or plans. Knowing how much you have right now can make it easier to prepare for life after work. 

And check that the retirement date on your plan matches when you intend to start taking money from it. Why? It can help your provider give you realistic illustrations of how much you might get from your plan when you retire. Plus, money paid into a pension plan is invested – and depending on the investment option you’re in, your retirement date can affect your investments.

You might have the option to nominate ‘beneficiaries’, meaning you can tell your pension provider who you want your pension savings to go to when you die. Although your provider isn’t legally bound by your wishes, they’ll take them into account. Update your beneficiary information if your wishes change. This can help your pension savings go to the right place in future and give you some peace of mind.

You may be able to do all of these things through your provider’s online services or app. You can find out more about our online services on our website. You can see our support page for FAQs and ways to get in touch. Some people need to fill out a physical form to nominate beneficiaries. 

2. Prep for the long term

Planning for retirement is associated with people feeling more positive about their money.

If you’re still paying into a pension plan, you could try out our pension calculator. This can help you see if you’re on track for your retirement goals. Don’t panic if you’re not; there may well be things you can do. If it’s right for you, you could consider paying a bit more into your pension plan. If you’re a Standard Life customer, you may be able to increase your regular payments into your plan or make a one-off payment online or on our app. If your employer set up your plan and you want to increase your regular payments, ask them how it works for you.

Another part of planning for retirement is thinking about how much money you’re going to get from other sources. For example, are you on track to get the full State Pension? If not, there are actions you could consider taking. MoneyHelper has more information.

3. Explore your retirement options

Understanding your options for taking pension savings could help you feel more confident about the road ahead. 

You can take money from a pension plan from age 55, rising to 57 from 6 April 2028. 25% of your plan is usually tax free. 

There are different ways you can take your pension savings. You could choose a flexible income (‘drawdown’), meaning you can set up a regular income or take money when you want. You could buy a guaranteed income for life (‘annuity’), or a guaranteed income for an agreed amount of time. Or you could take one or more lump sums.

You could even choose a combination of options. For instance, you might buy a guaranteed income with some of your money but also have some money in drawdown. Your guaranteed income would give you some certainty for the future, while drawdown would give you some flexibility. 

It's important to shop around. Other providers may offer a higher level of retirement income, and different options more suited to your individual circumstances. 

We recommend you get guidance or advice before making any decisions. 

From age 50, you can get free impartial guidance from Pension Wise, a service from MoneyHelper. Visit Pension Wise or call 0800 138 3944. 

If you’d like advice but don’t have an adviser, MoneyHelper has information on getting advice. 

4. Savings vs investments – know the difference

People who feel uncertain about their future are more likely to put money into cash savings as opposed to investments. Understanding the difference between saving and investing could help you make choices that fit your financial goals and feel better about the future.

You might have cash savings in a bank or building society account, for example.

Savings accounts aren’t exposed to investment risk, so your money is generally more secure in a bank or building society account (whereas investing carries more risk). But interest rates can vary, and cash savings might not grow enough to keep up with increases in the cost of living.

Investing is when you buy a piece of something – for example, property or shares in companies – in the hopes of getting back more than you paid. There are many different ways to invest. The value of investments can go down as well as up, and you could get back less than was paid in. This might sound scary at first, but keep in mind there’s generally more potential for your invested money to grow over time when compared with cash savings. Plus, you’ll normally have different options for investing depending on how comfortable you are with risk.

You can have cash savings and investments – it doesn’t need to be either/or. For instance, an instant-access savings account or similar can be good for emergencies, as it’s low risk and you can access your money when you need it. For long-term goals, it’s worth thinking about investing. You can check out MoneyHelper’s guide on the difference between savings and investments.

5. Get support

Remember, help is available.

MoneyHelper offers money and pensions guidance. 

And you could consider getting financial advice. People who take financial advice are more likely to say they have a clear vision for what their life overall will be like in five years’ time.

 

A pension is an investment and its value can go down as well as up and may be worth less than was paid in.

The information here is based on our understanding in December 2025 and shouldn’t be taken as financial advice.

Standard Life accepts no responsibility for information in external websites. These are provided for general information.