Over half have been found to not be currently saving into a private pension plan.
Over half have been found to not be currently saving into a private pension plan.
Seven in ten people overestimate the amount they will get in their state pension, according to Halifax.
The bank has released the results of a poll of the public, also showing that the majority (52 percent) are not paying money in to a private pension at the moment. This ties in with the results of recent research from Nationwide, which found that half of all Britons do not regularly save money and a quarter never save at all.
When asked what they were willing to save each month in a pension plan, the typical answer came to just under £60. However, Halifax's own analysis suggests that savings of £150 a month are needed to fund what most people would see as a comfortable retirement.
Karen Crowshaw, managing director at Halifax Financial Services, commented: "Times are tough and it is crucial that consumers are obtaining the best advice when it comes to managing their outgoings. It may be a natural assumption for many to delay saving for retirement when faced with day to day expenses, but it is important that retirement plans do not bear the full brunt of the current economic climate."
Halifax also revealed a significant gender gap in pension savings plans. Men were found to be willing to save £76 a month into a pension scheme - while women were only willing to put by £51.
