Nearly three quarters expect to qualify for the full State Pension, according to the research from wealth manager Charles Stanley.

However, 84% did not know how many years worth of National Insurance contributions were needed to qualify for this.

On average, consumers said they believed that 24 years of National Insurance contributions were needed in order to qualify for a full state pension, 11 years short of what is actually needed.

Less than half (47%) of mass affluent consumers surveyed had ever checked their National Insurance record.

Charles Stanley said a lack of understanding over the State Pension leaves many in danger of falling short in their retirement income.

Lisa Caplan, director of OneStep Financial Planning at Charles Stanley, said: “Our figures show that at present, too many are putting themselves in the vulnerable position where their retirement will depend on the State Pension.

“The State Pension is, of course, something that can bring real value to retirement, but it is also only payable from 66 years old – which is also set to rise in the coming years. As it forms an important part of a retirement plan, it is important that people find out how much State Pension they can expect.

“The onus very much rests on individuals’ shoulders now when it comes to retirement, and it is evident that more education is needed to help people feel more confident with their finances and understand what kind of retirement is in store for them. This is where expectation and reality could look very different to one another.”

• Censuswide surveyed 2,003 mass affluent consumers in March on behalf of Charles Stanley. Mass affluent consumers were defined as those earning about the UK average salary and with at least £1,000 in accessible cash or savings.