A full sixty per cent of women are “clueless” about what their needs during retirement will be, the research found.

And 16 per cent of Britons think that they can retire on one sum that would actually pay them less money than consumers live on in many third world countries.

Abbey’s head of savings, Reza Attar-Zadeh, said: “Clearly Brits are not saving enough for their retirement. This is of particular concern, with the move from final salary schemes to money purchase schemes.

“Abbey is committed to offering innovative new products to get people to save for their future by building a balanced portfolio of assets.”

Abbey also recently found that a full 44 per cent of Britons are planning a trip around the world when they retire.

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