British workers are the worst prepared in the world for retirement, a new study has shown.
Figures from HSBC show that the average retirement in the UK is expected to last 19 years, but the average person's retirement savings will last for just seven, the Telegraph reports.
Christine Foyster, head of wealth development at HSBC UK, said that the 12-year shortfall was the worst found in HSBC's international study.
"People are living longer, through tougher economic times, but their expectations about their standard of living in retirement remain unchanged," she said. "They are putting off the inevitable."
Worldwide, the study found that people will on average run out of retirement savings just over half way into their retirement.
According to the study, more than half of the UK working population is not preparing adequately for retirement, with one in five saving nothing at all.
Figures last month from Nest, the state-provided default pension scheme, showed that seven in 10 private sector workers do not currently pay into a retirement scheme.
The number of "active" pension savers in the UK fell from 12.2m at the peak in 1967 to 8.2m in 2011, according to the Office for National Statistics.
Auto-enrolment, which will see workers automatically put into a workplace pension scheme, is being gradually rolled out over the next five years.
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