One worker in five is putting nothing aside for retirement, a report warns. A further third of Britons are not saving enough to avoid a dramatic fall in living standards in old age.
It means only 45% - less than half - are making adequate provision for retirement, a survey by Scottish Widows found, according to the Daily Mail.
That is the lowest proportion in at least nine years and down from 54% in 2009.
As the downward slide continues, the gender gap is increasing, with only 40% of women putting aside enough money for their old age, down from 42% last year and compared with 49% of men.
Workers are seen as preparing adequately if they save at least 12% of their income or expect their main retirement pot to come from a ‘gold plated' defined benefit pension, typically one linked to final salary.
Those saving less can still build a ‘worthwhile' income but risk seeing their living standards drop sharply after retirement.
Someone retiring in their mid-60s faces receiving less than half the amount they would feel comfortable living on, the report found.
The survey of more than 5,000 over-30s across the UK earning over £10,000 a year found that the typical income people feel they will need in retirement is £25,200.
But based on what people say they are putting away, they are more likely to end up living on less than half this - around £11,400 a year, including their private and state pension - Scottish Widows warns.
Women and young people adversely affected
A question of selectivity
Watchdog interviewed 13,000 people