Some 64 per cent of Britons are facing financial problems upon reaching retirement, according to new research.
With the current level of pension saving, 14 per cent of UK workers are heading for a "comfortable" retirement, while many across the country set to struggle, a study by JPMorgan INVEST revealed.
Many Britons are not aware of how much they should be saving towards their pension fund in order to secure a comfortable retirement, with 59 per cent admitting to this.
Additionally, 17 per cent believe that a pension pot of £50,000 would be adequate to secure their finances upon reaching retirement, which is short of the £700,000 which the company predicts to be necessary.
David Cassidy, chief executive of JPMorgan INVEST, comments: "In spite of the widespread pensions panic flooding UK headlines, the reality is that most workers still don’t understand the reality of the situation for them personally."
He added that the UK workforce should receive more thorough training and information regarding their pension situation.
HSBC recently warned graduates to act quickly over their pension, as they could halve their pension fund if they wait until the age of 30 to start saving.
Brits facing challenges after reaching retirement, study shows
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Brits facing challenges after reaching retirement, study shows
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