Over a quarter (28 per cent) of those aged 45-65 haven’t given any thought at all to their retirement plans, including 25 per cent of 56- to 65-year-olds, research from Just Group has revealed.

According to the survey, one in 10 (10 per cent) older savers have made full plans for retirement, rising slightly to 14 per cent among 55- to 64-year-olds, although Just Group argued that this "still remains worryingly low".

The findings have prompted concerns over a potential 'planning gap', which was most evident among those already at risk of a lower standard of living in retirement, with 56 per cent of those without a pension admitting that they haven’t given retirement any thought.

However, the survey suggested that there is an appetite for more help in preparing for retirement, as nearly a fifth (17 per cent) said they would welcome some advice or guidance on their options.

Commenting on the findings, Just Group group communications director, Stephen Lowe, stated: “We teach children to ‘be prepared’ but this advice is arguably more important for those approaching retirement wanting to secure a good standard of living,” he said.

“It is worrying that so many people are failing to put plans in place as they enter the final decade or two before the end of their career. Planning helps people avoid poor outcomes and it is never too late, even for those with very modest pension savings.

“Not everybody will have access to an adviser or will want to pay for regulated advice. However, the government’s free, independent and impartial guidance service Pension Wise is available to all those aged 50+ with a defined contribution pension and is a great place to get a quick understanding of all the options at retirement to encourage more in-depth planning.

“Employers are also increasingly putting automated planning solutions in action. These can give workers a lower-cost way of accessing regulated advice to help them put in place plans that will help achieve good outcomes in retirement.”

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