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The survey found two-fifths of advisers said that they were either not that confident or not at all confident about their clients retirement income being on track, compared with just a third who said they were either reasonably confident or very confident their clients were saving enough.

But despite their doubts that clients were failing to prepare for retirement, a third of advisers reported an increase in the number of enquiries about retirement planning in the last three months.

Andy Curran, director of intermediated sales for Prudential, said: "It is good to see that half of advisers say they have seen an increase in the number of people using the open market option but it seems to me that it has taken a financial crisis for people to start their financial planning.

"What is worrying is the feedback from advisers that their clients' retirement planning is not on course, especially in these unprecedented times when personal financial security should be top of the agenda for everyone."

Colin Parkin, director of Lincolnshire-based IFA Ample Financial Services, said people think that saving for their retirement was not a priority.

He said: "Most people have an inadequate or no pension at all. As you get an ageing population there is going to be a huge percentage of the population that will be aged more than 70. This will cause big problems for the basic state pension and it will be a massive drain on the economy."