Individuals in 'Generation X' need to save around £330,330 to retire comfortably on an income of £23,595 per year, yet many are not on track to reach this goal, research from Blacktower Financial Management Group has suggested.

The analysis found that Millennials in their early thirties should have already put away over £70,000 to achieve a stress-free retirement, although, currently, the average Briton under 34 has only saved around £1,000 for retirement.

Furthermore, it suggested that 25-year-olds need to have already saved £15,745 “regardless of what else they are paying for”, despite having an average of just a year of full time work under their belt.

Edinburgh was found to be the top UK city for retirement saving, with over 18.3 per cent having saved the sufficient amount of £330,330 for retirement, although a further 29.2 per cent of Edinburgh residents had nothing saved towards their retirement.

Liverpool was deemed to be the worst city in the UK in terms of retirement savings, as nearly a third (32.5 per cent ) of residents had saved nothing towards their retirement, followed by Bristol and Cardiff, where 32.1 per cent residents had saved nothing.

The report stated: "Millions of employees work tirelessly for decades in the expectation of a comfortable retirement in the future. But for many Britons retirement is an event to be feared due to lack of savings and pension.

"If you plan on living out your retirement years without worrying about finances, retirement saving is a must.

"Generation X needs to save £330,330 by the time they retire to have an income of £23,595 a year. Nationwide, this amount would be enough money to live comfortably."

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