Pension investment is collapsing among the public who are looking to other forms of savings to provide most of their retirement funding, according to YouGov research.
The survey, commissioned by software firm Mastek, found that 63 per cent of respondents are not saving for their retirement within a private pension.
However, 89 per cent of the 2,000 people in the poll think it is important to save for the future and 76 per cent believe it is important to provide financial assets for their dependants.
Just under half of respondents say they do not have enough money to save for their retirement but only 3 per cent say they will be relying on their state pension.
Mastek director for UK insurance Brian Please says: “People are losing faith in pensions to provide for them in retirement and the industry needs to react to the changes in saving habits we have seen in recent years.
“Many of the pension products on the market need to be reworked and, in some cases, replaced to reflect the new requirements of consumers who will phase their retirement and live a lot longer.”