The 35-54 age group was the most pessimistic about their retirement prospects, according to the study.

Research carried out by Opinium on behalf of Hargreaves in May on a sample of 2,000 people revealed that just 61% said they thought it was a realistic prospect they could cover their bills in retirement.

Less than a third, some 29%, thought they would not need to worry about money, while 45% thought it was a realistic prospect they could cover any emergency expenses.

Only 22% thought they would realistically be able to travel overseas regularly during retirement and only a quarter said they would expect to be able help out their families.

The 35-54 age group seemed the most pessimistic about their retirement prospects with only 23% saying it was realistic that they wouldn’t have to worry about money in retirement. That compared to 29% of the over 55s and 35% of the 18-34 age group.

Similarly, only 39% thought they would realistically have enough money to cover emergencies compared to 46% of the over-55s.

Those closest to retirement – the over-55s - were a bit more optimistic, with two-thirds of them saying they could realistically cover their bills. However, that confidence dipped markedly down to just 56% among the 35-54 age group, though they still have time to make up any gaps in their planning.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Our data showed only 61% of people thought it was a realistic prospect that they would be able to cover their bills in retirement – this struggle to even cover the basics is a far cry from the sandy beach holiday view of retirement that many people aspire to.”

She predicted that people will have tough decisions to make regarding their retirement.

Ms Morrissey said: “There are signs of older workers, who retired during the pandemic, starting to return to the workforce as their costs rise. We will likely see more people continuing to work longer, even on a part-time basis, to make up gaps in their pension planning.”