Half of Britons are heading for a retirement shortfall, new figures have revealed.
Research conducted by Scottish Widows has confirmed a widespread and ingrained failure to save enough for retirement.
Most recent figures show that half (49%) of people who should be currently saving for retirement are failing to put enough away.
Levels have remained broadly consistent over the last five years – pre and post financial crunch – with those preparing inadequately never falling below 46% or rising above 52%.
It means that just 51% of people aged between 30 and retirement age that earn more than £10,000 a years are making sufficient provisions for their retirement.
This drops to around 25% when those with a final salary pension are excluded. A fifth (20%) of people are failing to save anything at all.
This comes despite the fact that three quarters (73%) of people recognise the need to take personal responsibility for their retirement planning, demonstrating that awareness in the importance of saving is not translating into action.
"This year's report clearly illustrates the stark difficulty we face in helping people to recognise the urgent need to take personal responsibility for their future," said Ian Naismith, head of pensions market development for Scottish Widows.
"We need a step-change to overcome this ingrained inertia and help people prepare for their retirement."
"Put simply, people need to save an extra £58 per month on average to prepare adequately for retirement and make up the shortfall we are seeing currently. That is roughly the cost of a cup of coffee every day."
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