People don't like to think about retirement and therefore are failing to save for it, The Pensions Advisory Service (TPAS) has claimed.
The organisation explained that there is an "ambivalence" concerning putting money away for the future.
"It's the old battle; save or spend, and spending is so much easier than saving," stated technical director of TPAS Des Hamilton.
Saving for retirement is "very off-putting because it means deferring expenditure today", he added.
Scottish Widows found that men are more likely to have a pension scheme in place, with 36 per cent of women claiming they cannot afford to save any more money than they currently are.
The firm has previously found that there is an increasing trend of people relying on property investment as a retirement fund.
The government's Actuary department has predicted that life expectancy will rise to 86 years for men and 89 years for women by 2050.
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