UK - Around 30% of UK workers have not saved or contributed enough towards a pension plan due to financial constraints, while those approaching retirement fear for the future, new research shows.
One in five workers believes they will need to supplement their pension income through part-time work during their retirement.
Around 40% of workers are worried about the level of pension provision available to them on retirement.
Research from the report indicated that 70% of workers could face financial hardship due to minimal pension pots.
SPC president Duncan Howorth said: "The consistent ageing of the UK's population combined with people's tendency to under-plan for their financial requirements later in life, means that education about retirement planning needs to be higher than ever on the government agenda - particularly during these challenging financial times with so many competing demands on people's purses."
Howorth added: "The SPC will continue to encourage and foster debate on this and other issue. Liaise regularly with industry bodies and Members of Parliament and encourage workers to invest more substantially in their employment pension plans."
The report also showed there was a general lack of engagement about retirement funding.
Less than 22% of respondents reviewed their company or personal contribution rates once a year, while 13% claimed to know nothing about their chosen scheme's decisions.
More than 15% of respondents claimed to be actively involved in their pension scheme.
SPC said the "worrying lack of adequate planning" by individuals proved consistent across England, Scotland and Wales.
The pessimistic outlook on retirement security was echoed by the findings of a survey by financial services group The Hartford, which showed almost 60% of people aged over 45 felt their most important financial concern in retirement would be keeping up with daily expenses for shelter and basic needs.
The results revealed a stark reversal of priorities identified just a year ago in the same survey, when 47% said the key concern was enjoying retirement and just 40% identified keeping up with daily expenses as the key priority.
The Hartford UK managing director Michael Rudge explained the credit crunch had significantly impacted people's ability to save for their retirement, with many people's priorities having shifted to the more immediate concerns of keeping afloat.
Rudge said: "Taking into account the recent market volatility, consumers should now consider products that guarantee their income to protect themselves from the worst, while positioning themselves for the best in the equity markets."
The survey findings also showed that in the UK, only 18% of people were 'very' or 'extremely' confident about their level of knowledge and ability with regards financial planning.
And worse still, over 59% of UK respondents said they had not improved their financial situation during the past 12 months, compared to 51% a year ago.
However, the 2008 figures were more shocking across the rest of the world - in Japan (78%), Germany (65%) and Spain (60%) of respondents said their financial positions had not improved.
Former Downing Street advisor Ros Altmann added: "People are being forced to tighten their belts during the credit crunch, and finding a way to save efficiently for retirement is difficult for many people.
"Increasingly, many people will realise that they need to keep working for longer than previously expected to be able to afford a decent lifestyle, so investigating the best savings options for retirement is more important than ever before."
Hartford Life chief executive Marc Lieberman noted that people facing retirement needed to have the right tools in place.
He said: "Combined with the fact that property values are falling and cannot therefore be relied upon for providing a retirement nest egg, people must do whatever they can to start saving for retirement as soon as possible.
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