More than one-third of people aged under 30 were also concerned that they would retire too late to enjoy themselves and be active, according to the poll of 1000 youngsters.
A similar number of young people also said paying for a carer would be a major priority when they reach retirement.
The survey also revealed that 28 per cent thought they had the necessary knowledge to make informed decisions about retirement planning.
Mike Teall, head of annuity propositions for Scottish Widows, said young people were failing to address their concerns through long-term saving, as only 4 per cent said that saving for a pension was of the utmost importance.
He added: “As an industry we must work harder together in order to increase understanding of saving and of the various retirement options available to help people prepare adequately for a more comfortable retirement and alleviate some of their concerns about the future.”