Marvin OnumonuSkipton Building Society has highlighted the scale of pension underplanning across all generations, with many over 65s still not prepared for retirement.
Research found that 38% of adults had barely thought about retirement, while 17% of people aged 65 and over admitted the same.
Among Gen Z, 61% said they had not seriously considered retirement.
One in seven over 65s believed less than £100,000 would fund their dream retirement, with 18% saying they wanted to travel the world.
Skipton Building Society found that a £100,000 pension pot, even with the State Pension, would only last around four to five years at a moderate standard of living.
Despite this, 17% of over 65s did not know how much they put into their pension each month, and 39% were worried about running out of money.
Helen McGinty, head of financial advice distribution at Skipton Building Society, said: “With many not knowing how much they’re contributing each month to their pension, yet worried about not having enough money, it’s time to wake up to the reality that those dreams won’t happen without planned and considered action.
“The earlier you start planning, the more options and flexibility you’ll have later on.
“It’s also important to think carefully about how your retirement savings will support you throughout your lifetime, especially as health and lifestyle needs change.”
McGinty added: “Having a trusted place to turn for guidance can make all the difference — and at Skipton, members can access free money guidance alongside regulated financial advice to help them take small, informed steps today that shape a more confident future.”
The research also showed that 11% of Gen Z expect they will need between £1m and £1.09m for retirement, but a third did not know how much they contribute each month.
A third of all respondents believed they would not need as much money as they got older, despite rising living costs.
