People aged between 35 and 44 are the most worried about their retirement savings but are the least likely to take action to improve their pension savings, according to Aviva.

Research from the provider found that two-thirds (66 per cent) of non-retired members of the age group were concerned about the level of their retirement finances, although a quarter (25 per cent) of respondents from the age group said they were not actively improving their pension savings.

Comparatively, over half (58 per cent) of people aged between 45 and 60 were worried they did not have enough money to maintain an adequate standard of living in their retirement, while more than a fifth (21 per cent) of non-retired people in this age group said they were not taking action to improve their retirement income.

Aviva stated that the difference between the two age groups indicated that the transition between working life and retirement will be more challenging for the next generation of retirees.

Just 14 per cent of those aged between 18 and 24 said they were not taking action to improve retirement savings, the lowest proportion from any age group.

The research also found that just under a quarter (23 per cent) of the self-employed were not taking steps to put money aside to finance their retirement, compared to 13 per cent of those in full-time work.

Aviva head of savings and retirement, Alistair McQueen, said: “Some groups have been particularly hard hit by the pandemic, and even before coronavirus, self-employed workers often struggled to save for retirement due to the often-uncertain nature of their employment.

"It is vital we do all we can to support them, including addressing the need for tailored financial guidance.”

He concluded: "Collectively, there has never been a more important time for businesses and government to work together to help people with planning for their futures."

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