Just under two fifths (39 per cent) of savers are on track for a moderate retirement income, although some savers, particularly higher earners and homeowners, are doing better than average, according to Hargreaves Lansdown’s latest savings and resilience barometer.

The data showed that homeowners and couples without children are doing better than average when it comes to preparing for retirement, as 51 per cent of homeowners and 47 per cent of couples without children were on track for a moderate retirement income.

This compared to 17 per cent for single parent households.

In addition to this, those working for large companies (56 per cent) and public sector workers (64 per cent) were faring better than average savers when it came to being on track for a moderate retirement income.

High earners were also doing better than the average earner in preparing for retirement, with 69 per cent of high-earning households ‘on track’ for a moderate retirement income.

However, Hargreaves Lansdown head of retirement analysis, Helen Morrissey, noted that “there could be some nasty shocks in store” for high earning savers, clarifying that a moderate retirement income is likely to be "well below” their means, with “only 30 per cent of households in this group in line for a comfortable level of income in retirement”.

She continued: “Building a decent retirement pot is hard, but the chances are that if you own your own home, work for a big company, or live with someone other than a child then you are doing better than most.

"If you are in one of these groups, then you have various advantages – your mortgage costs might be a squeeze right now, but you are working towards an asset that you will own one day and shield you from volatile rental costs.

“If you are living as part of a couple with no children, then you have the benefit of two incomes to meet your day-to-day expenses allowing more money to be put away for the long term.

“Employees of larger firms also tend to do well, based on the fact they are likely to get better benefit packages including pensions from their employer.

“However, it’s important to say that it’s never too late to make a difference if you feel you are behind with your retirement planning.

“Taking small steps such as increasing pension contributions every time you get a pay rise or new job can make a significant difference to how much goes into your pension. You can also see if your employer will pay in more if you do."

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