Britons are failing to make appropriate provisions for retirement in comparison to people in Germany, France, Switzerland or Austria, despite being more aware of their own role in providing for the cost of retirement, according to Chase de Vere.
In Longevity and Retirement, a European Comparison, the independent financial adviser undertook research into society's attitude to longevity, people's aspirations and concerns for living longer, and steps they have taken to address these.
It found while UK consumers were aware of their role in providing for the cost of their retirement, with almost two thirds (62%) believing the individual retiree was responsible, a mere 36% of the 1,000 consumers (aged 35+) questioned had accumulated savings.
In contrast, in Europe, where just more than half (54%) of respondents felt the individual should primarily provide for their retirement, an average of 43% across the four countries had build up a savings pot.
Despite this, those in the UK planned to retire earlier on average than their European counterparts.
Chase de Vere certified financial planner Patrick Connolly said: "Individuals seem to desire a long retirement but aren't taking the steps to retire when they want and have no real plans to enjoy their retirement when they do actually get there. In too many respects we are lagging too far behind our European counterparts.
"The message should be very clear. We are likely to live for longer and so if we want to enjoy the benefits of an extended life we need to plan ahead."
Dentons director of technical services Martin Tilley said: "I'm not surprised at all [at the results], I think people have become quite disenchanted with pensions until quite recently."
Tilley described the results as "a time bomb", and pointed out that steps have been put in place to get people interested, and engaging with investing in pensions again, such as the pension freedoms.
However, Tilley was optimistic about the future. He said: "I think this research reflects that the measures haven't been in place long enough, and I dare say if they did this survey in three years' time again, people would be more engaged, responsible and doing more to invest their savings."
£1m target for Cancer Research UK
Regulator warns of risk to over-55s
Group led by Ed Dymott
Don’t pay for familiarity
Investment sector reaction