More than 20 million adults risk retirement poverty by wearing ‘rose tinted' glasses, according to research by Aegon.
The survey shows 9.6m adults have no pension or long-term savings and 30% believe they would need between £15,000 and £20,000 a year to live comfortably in retirement.
Just 37% think they have enough savings and investments for a comfortable retirement and 35% believe they could retire before age 65.
Malcolm Flanders, director of individual pensions at Aegon, says: “Our survey suggests that many people are still expecting to rely solely on state benefits, or are gambling on the prospect of their children taking care of them.”
The research also found one third would not seek financial advice on pensions, investments and protection.
In June a survey by provider National Savings and Investments found a third of Brits are financial fantasists. The research shows 55% have not made any financial plans for the future and 39% with plans have only planned as far ahead as five years.
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