It revealed that only 19 per cent of working age people are saving for future nursing or care home fees. This is despite half (51 per cent) respondents claiming to be concerned about affording residential care when in retirement, it added.
Meanwhile, the report found that over half of working-age people (56 per cent) are living on a day-to-day basis financially, while a further 53 per cent only save for short-term goals.
Almost half (45 per cent) also admit they prefer spending on enjoying today rather than saving for tomorrow, it added.
The lack of saving may also be linked to many people not considering their older years as 'retirement' at all, with over two-thirds of working-age people (69 per cent) expecting to continue working to some extent and more than half (54 per cent) hoping to start a business or new venture, it said.
When it comes to knowing the amount of money they will need in retirement, almost two-thirds (65 per cent) of working-age respondents said they were aware of the cost of typical residential home fees.Also, the report revealed that this is leading a generally positive view of retirement across the globe. Most working-age people are looking forward to greater freedom away from the nine-to-five (76 per cent), taking up new hobbies and interests (72 per cent) and getting fit (68 per cent), it added.