More than six million Brits have not saved any money at all for their retirement years – that's the equivalent of around three quarters of the population of London.
A similar number have no savings or investments whatsoever, a new report on pensions from Scottish Widows reveals.
Saving for retirement has hit record levels however, with 56 per cent now planning for the future, "showing that the unprecedented changes in the pensions industry have gone some way to engage the nation with retirement saving," said Scottish Widows pension expert Ian Naismith.
“Our research shows that confusion remains around how actions today translate into money tomorrow, with many people retaining unrealistic expectations about what their income in retirement might be."
Those aged between 30 and 65 could be in line for a shortfall of nearly £8,000 a year when they come to retire. While they believe they'd be comfortable with a £23,469 income, at current levels of saving they can expect just £15,600.
Overall, saving for retirement has increased, with people squirrelling away 12 per cent of their earnings each month, up from just six per cent in 2006 and nine per cent in 2013.