The head of retirement planning for provider Axa Wealth said he feared that the UK population has reached the “last chance saloon” for pension saving.
Referring to recent research by the Equity Release Council, Mr Zanelli said: “The research found that 24 per cent of adults feel the lottery offers the best chance of living happily once they’ve retired.
“Statistics such as this one this remind me of the famous Western scene of the glass sliding down the bar and hopefully being caught before it smashed to the floor.”
These findings follow recent research from Axa Wealth, which show that the average shortfall in pension provision for UK adults is more than £4600 a year.
Mr Zanelli added: “The next three years are critical. Only by succeeding at changing people’s approach to long-term financial planning will we help to solve the problems we face as a nation.”
Adviser view Duncan Glassey, principal of Edinburgh-based Wealthflow, said: “The reality is that there is going to be a pensions shortfall, so perhaps people should enjoy life more now, rather than waiting until retirement. They could focus more on looking for employment that they enjoy and working at this for longer.” Source: Axa Wealth Notes:* Yearly income **Only region to be positive