Suffering poverty in retirement is a major concern for nearly two thirds of the population, research suggests.
Some 63 per cent of Brits are worried about having a lack of money in retirement, according to a YouGov poll.
Nick Elphick, managing director of specialist products at AXA Wealth, which commissioned the study, said: "We have witnessed an entire generation sleepwalking into financial difficulties in later years and quite simply we, as an industry, cannot let this continue."
Nearly three in ten said they were really worried about not having enough money to cover essentials such as food and heating while 38 per cent were nervous of a shortage of funds to achieve retirement ambitions.
A quarter were worried about becoming financially reliant on others and 30 per cent admitted to not knowing how much money they will need to live on in retirement.

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Mr Elphick said: "Retirement should be a time of optimism and enjoyment, yet we are seeing that most people are unprepared and fearful of what may happen to them.
"At the start of this year we warned that we were approaching the age of the 'golden boomerang' generation as babyboomers returned to their children for financial support.
"Financial advice is key if we are to avoid this becoming a reality."
Just seven per cent of adults in their 50s had no financial worries about their retirement.
Mr Elphick added: "With greater flexibility around retirement options expected next year, advisers have a role to play in helping to manage peoples' finances so they have the level of income they want."