A third (33 per cent) of UK adults do not know how much money they have saved in their pension pots, research from MoneySupermarket has revealed.

It also found that 92 per cent of adults in the UK were unaware of how much they need to have saved for retirement for a comfortable life once they retire.

The average pension pot, according to Which? is £298,000. However, 62 per cent of people aged between 18 and 34 underestimated how much they would need to live comfortably in retirement.

Furthermore, 16 per cent of this cohort believed that they would only need between £50,001 and £100,000 for a comfortable life in retirement.

MoneySupermarket also found that 18-24 year-olds were prioritising saving for property (58 per cent) over saving for retirement (42 per cent).

Commenting on the findings, MoneySupermarket consumer affairs expert, Rachel Wait, said: “Brits face all sorts of calls on their money and it’s easy to see why the cost of everyday living can trump longer-term objectives such as saving for retirement - especially if you’re not fully aware of how much you’ll need in retirement.

“But anyone who can get into the savings habit gives themselves a better chance of building up the sort of pension kitty that’s needed to fund a comfortable lifestyle once they stop work.

“Anyone who has dependents should consider life insurance in order to ensure financial security for their loved ones. Policies can be set up to pay off a mortgage and other debt, as well as help provide money to meet the day-to-day financial needs of those left behind if the policyholder passes away.

“As a result, it’s important that people take the time to look for a policy that’s best suited for their needs.”

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