A sharp drop in confidence among British savers about their retirement prospects has emerged following the Chancellor’s Autumn Budget, according to new polling that indicates widespread concern about long-term financial security.

Analysts are reminded Britons they cannot “rely on the state pension alone” ahead of a looming tax raid on retirement savings as a result of the Chancellor’s fiscal reforms.

Research from digital workplace pension provider Penfold found that 72 per cent of respondents felt the Government was not doing enough to support people preparing for retirement.

The survey gathered views from 340 participants shortly after the Budget was delivered with the findings pointing to rising uncertainty about the stability of pension policy.

Many respondents reported a loss of trust in the current framework at a time when long-term planning is becoming increasingly important for households across the UK.

More than half of those surveyed said their confidence had fallen in the immediate aftermath of the Budget.

Penfold reported that 58.5 per cent of participants felt less certain about their financial future, reflecting broader concerns about forthcoming changes to retirement provision.

Respondents expressed particular anxiety about potential shifts to the state pension age. Some indicated concern that the state pension could undergo significant alterations in the years ahead, affecting the level of support available when they retire.

Savers appear increasingly unsure about how future Government decisions could affect their retirement income and overall financial planning.

Two measures announced in the Budget were cited as key sources of concern among respondents. The Government’s plan to introduce a cap on National Insurance relief for salary sacrifice arrangements from 2029 drew particular scrutiny.

The Chancellor also announced the creation of a new state pension commission.

According to the research, this development has added further uncertainty for savers who are trying to understand how potential reforms could affect their future entitlements.

Together, these proposals have raised questions for those attempting to plan consistently for retirement.

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The polling indicates that many savers fear their long-term strategies may need significant adjustment if further policy changes materialise. The survey revealed that 36.3 per cent of respondents now feel unable to decide whether to increase or decrease their pension contributions.

This indecision reflects the wider disruption caused by shifting policy signals and public debate around the future of the pension system.

Chris Eastwood, chief executive and co-founder of Penfold, said the level of uncertainty demonstrated in the survey was notable.

“When more than a third of savers can’t decide whether to increase or reduce their pension contributions, it’s a clear signal that confidence has been disrupted.”

He said the proposed National Insurance relief cap was “a backward step for boosting pension saving”.

He also said the creation of a new commission to examine the state pension indicated that the current system was “under pressure” and may face significant change.

Mr Eastwood warned that reduced confidence could affect outcomes for future retirees.

He said delays in planning or reduced contributions risk leaving many people with retirement income below their expectations.

He added: “For today’s savers, it reinforces a simple truth: relying on the state pension alone won’t deliver the retirement most people hope for”.

While he noted that core pension regulations remain in place, he said the findings show the need for greater stability.

Mr Eastwood said: “Sudden changes make it harder for people to plan and harder for the public to trust the system”.

He said the polling underlines the importance of clear long-term policy direction for pension savers.

“This Budget highlights why private pension planning has never been more important, and why uncertainty must be addressed immediately.”