Almost half the UK workforce has no pension provision according to new research from the Consumers' Association.
The survey from the consumer watchdog indicates only 46 per cent of UK workers is contributing to a pension scheme, highlighting the gap between the income consumers expect to receive in retirement and that they really will.
Other results reveal that 64 per cent of men would like to retire before the age of 65 while 75 per cent of women would like to do so before they reach 60.
The main reasons given by those respondents not paying into a pension were 24 per cent saying they could not afford to do so because of other financial commitments, 19 per cent believe they are too young and 18 per cent say it has never occurred to them to contribute.
CA senior policy adviser Mick McAteer says: “These new results are shocking. It is clear that not enough consumers are saving enough at present to provide a reasonable pension, even if they work all the way up to 65, never mind retiring early on three quarters of their current income.”