Only 37% of UK adults not yet retired know how much they have saved in their pension pot, according to new research.

This rises to 61% among respondents who expect a comfortable lifestyle in retirement.

Only a third (34%) had actively made a plan for how they will save for retirement, according to the research from pension adviser My Pension Expert.

Only 16% of the 2,000 UK adults surveyed expected for be able to achieve a “comfortable” lifestyle in retirement based on the Pension & Lifetime Saving Association’s retirement living standards.

Younger savers were more optimistic, with 30% of those between the age of 18 and 34 expecting a “comfortable” of “more than comfortable” lifestyle in retirement. Just 13% of those over the age of 5 expected the same outcome.

Just a quarter (26%) had used the services of an independent financial advisor to discuss retirement planning, rising sharply (to 58%) among respondents who expect a comfortable or more than comfortable lifestyle.

A third (36%) of respondents used online resources and 26% used social media when sourcing information about savings and investments. Among those aged 18-34, those figures rise to 42% and 37% respectively. 

Lily Megson, policy director at My Pension Expert, said: “That millions of UK adults will work for decades but not enjoy a comfortable retirement at the end of it highlights that there is a pension planning crisis in this country. Not knowing how much is saved in pension pots, where those pots are, and how to best manage that money are all serious issues, and it is clear that both the Government and the financial services industry has to do much, much more.”

Separate research from YouGov for IFA directory Unbiased, found that 26% of working UK adults do not know how much they hope to live on annually after they retire.

• Opinium surveyed 2,000 UK adults online between 9 and 14 August on behalf of My Pension Expert.