Almost 15m people have failed to start a private pension and expect to rely on the state pension in retirement, according to Prudential.

Prudential surveyed 1,600 adults on their attitudes to pensions.

Woman were far less likely than men to have a pension with 41 per cent saying they did not have a pension compared to 29 per cent of men.

Those who did contribute to their pension said they paid in an average of 6.2 per cent of their annual income.

People who fail to contribute to a pension also risk missing out on significant tax reliefs.

The Office of National Statistics says that the average worker in the UK earns nearly £1 million over the course of their working life. An individual making the average pension contribution of 6.2 per cent of this income could receive a total of more than £15,000 in pension tax relief. This would be significantly more if the person was a higher-rate taxpayer.

Vince Smith-Hughes, head of business development at Prudential, said: “Failing to save into a pension means not only having to rely solely on the state pension in retirement but also missing out on ‘free money boosts’ such as tax relief and employer contributions.

“Although saving for retirement may not be a priority for young people, the more money which is stashed away from an early age, the more likely that significant rewards will be reaped later in life.”

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