Of the pensioners interviewed by Fidelity, 70 per cent of those who had sought advice from a financial adviser did not have to make any changes to their lifestyle after taking out a pension.

On the other hand, 60 per cent of those who did not seek the advice of a financial adviser have had to make cutbacks.

Simon Fraser, the president of institutional business at Fidelity International, says: “Our research has highlighted the worrying fact that only a quarter of people are switched on to the significant benefits of seeking financial advice now in order to prepare for their old age.

“Whether or not you seek financial advice may ultimately affect the comfort and quality of your retirement.”

Fidelity advises to start saving for a pension as soon as possible as the earlier you start saving the more money your savings will make.

More positively Fidelity found that 30 per cent of people under the age of 35 were considering consulting a financial adviser about how best to save for a pension.

To read more about pensions, click here.

© Adfero Ltd