A financial expert has highlighted three crucial pension inquiries to consider, as recent studies show a growing trend of individuals turning to social media platforms for financial guidance.

Research conducted by AYTM, in partnership with TikTok, indicates that one out of every three UK users now looks to the platform for financial education, with 41% encountering banking-related content on their feeds.

Scottish Widows has leveraged TikTok to engage Generation Z in early pension planning, with over 191,000 posts tagged under #retirementplanning. Since joining TikTok in September 2024, Scottish Widows has amassed over 323 million video views.

HSBC reports over 10 million views on its personal finance content, while Nationwide utilizes TikTok to boost financial confidence among its audience.

Pensions expert Robert Cochran of Scottish Widows has shared essential advice with the Mirror for individuals struggling to initiate their pension journey or aiming to optimize their retirement funds.

To keep track of your pension savings, particularly if you have multiple pension accounts due to job changes, it is recommended to reach out to your pension providers. The UK government offers a free pension tracing service through GOV.UK to help locate any lost pension funds.

Robert suggests downloading the apps of your pension providers for both private and workplace schemes, in addition to checking your state pension forecast using the HMRC app. Understanding your pension savings and retirement goals is crucial to ensure financial security in your later years.

The Pensions and Lifetime Savings Association outlines three retirement lifestyle benchmarks – minimum, moderate, and comfortable – to help individuals gauge their financial preparedness for retirement.

If you find that you are not on track to meet your desired retirement lifestyle, consider increasing contributions to your workplace pension scheme. Employers are required to contribute a minimum of 3% while employees contribute 5% through auto-enrolment.

Consolidating multiple pension pots into a single plan is another strategic move to streamline your retirement savings. Evaluate current fees, compare alternatives, and assess any exit fees before making a decision to consolidate your pensions for easier management and potential cost savings.