The Planning and Preparing for Later Life survey found that while most people had started saving for retirement, 24% of 40-75 year olds did not have a private pension, and 16% had not yet started saving.

Only 23% had an idea of the amount they would need to save for retirement, with the majority unsure.

People on lower incomes were less likely to have started saving for retirement. Around 32% of those with incomes of less than £10,500 had not yet started saving compared to just 1% of those with incomes of £44,000 or more.

People with higher incomes were more likely to expect to retire before the current state pension age (SPa), which is 65. For example, 54% of those with gross earnings of £44,000 a year or more expected to retire before the current Spa compared with only 36% of those earning below £10,500.