Just over half of people who have not yet retired said they were worried that they would not have enough to live on when they stopped work, and 43 per cent said they could not afford to save into a pension.
The figures came from research carried out by the National Association of Pension Funds (NAPF). The group has set up a commission to investigate why the pensions system is failing so many working people.
The Workplace Retirement Income Commission, which will be headed by former chairman of the Treasury Select Committee Lord McFall, will look at why so few people end up with an adequate pension.
The research found that 84 per cent of people think the UK needs to rethink how people save for their old age, while 79 per cent think the country needs a simpler pensions system.
The commission will look at why people do not save through their workplace and look at the public's trust and understanding of pensions.

It is intriguing that the report does not look at why they cannot save, High debts, high property prices and low incomes for many.

Not to mention the ever so worrysome scandals surrounding private pensions, and that phrase “the value of your investment can go down as well as up”.

That has been a big factor in why many opted to speculate in property to fund their pensions and now those dreams look even fainter.

I have a pension, which I'm still paying into. I may have to stop it if things don't pick up soon.

One problem is people don't seem to learn to save. In a consumer-led society, the pressures to buy stuff all the time are immense, to get a new car, to buy fancy furniture and unnecessary electronics, to go on expensive holidays and so on. Most people are generally living beyond their income to some extent or other.

I was brought up that if I wanted something, I had to save for it. When I had a decent job, I was saving getting on for £400 a month, because I could, and because I could afford to buy nice stuff with the money I'd saved. I've only ever had a couple of loans in my entire life. I can't afford a mortgage (though luckily, Best Beloved has paid his off so I don't want for a roof over my head). I use my credit card sparingly, and only if I know I can afford to pay the thing off each month in full.

I guess I am a very strange person in this modern world.

One of the biggest factors was GB's smash and grab raid on pension funds thus leading to the demise of the final salary scheme.

These were essential in encouraging people to save which they would not have done if they had known the truth.

My parents poured money into their pension and are now about to start taking them. When I look at what they put in compared to what they're getting out, it doesn't tempt me.