Some 4.4mn women and 2.4mn men over the age of 50 are at risk of poverty in retirement even after the state pension rise.
Research from Sunlife also showed women are more likely to rely on the state pension alone than men.
On Monday (April 8) the state pension increased from £203.85 to £221.20 but according to Sunlife with cost increases, it still falls short of what is needed for pensioners to get by.
The research showed 92 per cent of adults over the age of 50 who do not have private pension savings admitted to being worried about money.
Mark Screeton, chief executive of Sunlife, said: “It is really worrying that so many aged 50 and over – particularly women – are relying on the state pension alone to fund their retirement. That level of income is nowhere near enough to sustain even a basic standard of living, let alone a lifestyle that most people would call enjoyable."
Some 85 per cent were concerned about the rising cost of living and 55 per cent feared sudden unexpected costs.
While 39 per cent are specifically worried about running out of money during retirement.
It also showed, 86 per cent of those who do have private pensions have financial fears.
Those who are yet to retire are the most concerned with 43 per cent of those aged over 50 who are still in work saying they worry about not having enough to fund their retirement.
Screeton said equity release could be one way for people to boost retirement income.
The study found 18 per cent of working homeowners aged over 50 have no private pension savings.
"According to 2023’s report, one in 50 of those aged over 55 have already taken out an equity release plan and, of those, 21 per cent used the money to supplement their income, with 82 per cent saying doing so improved their happiness," added Screeton.
alina.khan@ft.com
