Only one in three people in the UK has arranged a pension, sparking fears of the population facing poverty in retirement, according to a report by Alliance & Leicester.
A&L's quarterly Wealth Tracker Index of 2,000 consumers carried out in August reveals the full extent of the pension crisis in Britain and the need to boost awareness of investing for retirement.
The report says the pension problem is worse among women, with only 27 per cent having a pension compared with 37 per cent of men.
It says one of the most worrying findings is that only 34 per cent of people over 50 say they have invested money for their retirement.
Scotland fares the worst, with only 18 per cent saying they have a pension compared with 43 per cent in the South-west.
Alliance & Leicester also questioned people on the effect of difficult stockmarket conditions on savings and investments, including stocks and shares, savings accounts and endowments.
It found that only 7 per cent of people in the UK have a stocks and share Isa compared with 15 per cent having a cash Isa.
Almost half of those questioned claimed to have an act-ive savings account, suggesting people are shying away from stockmarket investments to prepare for a possible financial crisis.
Spokesman Simon Ripton says: “It is a very concerning statistic that two-thirds of Britons claim not to have a pension. After recent moves by the Government to boost awareness of retirement provision, the message is still not getting through and many could face extreme hardship in later life.”