Workers are struggling to balance saving for retirement with other financial goals, according to research from Fidelity International.
The survey showed most people put off saving for retirement because they have more immediate needs.
Younger workers aged 18 to 34 were mainly focused on buying a home or covering daily expenses, with only 15% thinking about retirement.
By mid-career, aged 35 to 44, more people were still prioritising everyday costs, with saving for retirement coming second.
For those aged 45 to 54, retirement planning only just started to overtake other spending, with 39% making it a priority.
Daniel Smith, head of workplace investing distribution at Fidelity International, said: “At the start of your working life it can feel as though there is an endless list of financial goals to work towards – from repaying student loans to saving for a first home.
“These immediate goals naturally take precedence over longer-term planning, such as saving for retirement.
“However, waiting until your 40s or 50s before prioritising your retirement savings can result in a significant gap between what’s saved, and what’s needed for a comfortable retirement.”
Smith added: “Individuals need access to tools and guidance that enable them to balance short-term financial needs and goals throughout different life stages in a tax efficient way.
“With the right support, these goals don’t have to compete – they can coexist.”
Two-fifths (40%) of those surveyed wanted help to work out how much they should put into their pension.
This rose to half (50%) of people under 55.
One in five (20%) over 55 expected to work longer than planned, mostly to make up for a shortfall or because their finances had changed.
Among those working longer, most (62%) said it was to fill a gap between what they had saved and what they will need, or due to changed financial circumstances.
Smith added: “As these findings suggest, many individuals want a clearer sense of what ‘good’ looks like when it comes to retirement saving.
“Knowing how much to contribute – and when – is critical to building confidence and avoiding shortfalls later in life.
“It’s crucial that employees have access to the right support, tools and guidance that help them feel in control of their finances throughout their working lives and make the best decisions for their personal goals.”
He said: “While many will undoubtedly be juggling several different savings goals at any one time, it’s important to help individuals balance and prioritise the impact, timing and tax efficiency of saving decisions throughout their lives, including saving for retirement.
“Financial wellness is about understanding an individual’s total financial situation.
“We believe this begins when someone first starts saving and extends well beyond their working life – managing changing priorities along the way.”
He said: “Employers are often the gateway through which employees access educational resources, by partnering with financial services providers to implement financial wellness programmes.
“Raising awareness of these programmes enables employees to benefit from the support available to them – understanding how to maximise their workplace benefits and maximise their pension contributions.
“We offer support at every stage of this journey – from the information and guidance we offer, supporting individuals through life events, to the online tools and resources we’ve developed to help people plan with confidence.”
He added: “Across both our workplace and retail channels, we continue to invest in resources to help people make smarter decisions – improving support from calculators to coaching and on to financial confidence.”