51% of respondents said they save for periods when they may be unable to work due to illness, injury or redundancy, while 44% said they rarely or never do so.
Penfold warned that bonuses are taxed in the same way as salary, meaning a significant portion can be lost before it reaches employees’ bank accounts.
Reports that the Chancellor will drop plans for an income tax rise have raised fresh questions about where the Government will find fiscal headroom in the upcoming Autumn Budget.
The survey looked at people aged 40 to 75 and found that 46% said guaranteed income was the most important thing for their pension to provide.
By age 28, these absences also increased the likelihood of claiming benefits and reduced chances of stable employment.
Rose St Louis said: “Too many renters today have no form of financial protection in place should they need to take extended time off or away from work."
42% of adults currently worry that their household would not cope if they were unable to work.