More than half (57 per cent) of UK savers don’t feel confident that they have enough time to save for retirement, research from Unbiased has revealed.

The survey found that confidence drops sharply with age, as whilst nearly half (44 per cent) of those aged 18-34 are confident that they have enough time to save, this fell to less than a third (31 per cent) in older groups aged 45+.

The gender gap was also pronounced in the research, as less than a third (29 per cent) of women felt confident, compared to 42 per cent of men.

The research also found that 75 per cent of UK adults with a pension pot do not know its current estimated value, while 26 per cent do not know how much they hope to live on annually after they retire.

Broader pension knowledge was also lacking, as the survey found that less than two fifths (39 per cent) felt that they could explain the state pension triple lock, while 70 per cent were unclear on the meaning of defined benefit (DB) and nearly two thirds (64 per cent) are unclear on the meaning of defined contribution (DC).

Unbiased highlighted this as demonstration of the “considerable shortcomings” overall retirement literacy, warning that many people in the UK are approaching retirement without a clear plan.

And despite the lack of pensions knowledge, Unbiased found that just 20 per cent of people reported using a professional financial adviser for retirement advice, with family and friends being the most common source at 29 per cent.

Unbiased CEO and founder, Karen Barrett, said: "Preparing for retirement is one of the most important financial steps we can take in life, but it can feel daunting. And, as our research shows, too many people in the UK are approaching retirement without a clear plan.

"It’s crucial not to bury your head in the sand. Getting an informed plan in place as early as possible is key. Speaking with a professional can help cut through the jargon and give you the confidence to make the right decisions for your future.

"At the same time, the advice industry must work harder to lower the barriers to accessing quality advice, especially for those with fewer assets. Government action on mandatory pension schemes, education, and public awareness is also critical to improving the nation’s retirement readiness."

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