Britons have been advised by one sector commentator that they are "crazy" if they do not make enough provisions in preparation for their retirement.
In news that may be of interest to those seeking older persons housing schemes in the UK, Malcolm Cuthbert, managing director of financial planning at Killik & Co, said the country was currently in the "death throes" of the final salary pension scheme and that the value of the state payout had been eroding over the past 20 years.
"It's more important than ever before that people take responsibility for themselves and I think that imagining that this problem is going to go away or any of the other excuses people come up with is just crazy," he added.
Speaking alongside Mr Cuthbert was Hannah Edwards, head of new clients at Killik & Co, who explained that people who had previously prioritised investing their cash in a second property should now be encouraged to return for a closer look at pensions.
According to research by the group, 60 per cent of people with a pension fund do not know how much they have in such a savings scheme and half of those with one never check its performance.