Many people are complacent about the ways in which they will financially support themselves during their senior years, according to research by Defaqto.

A report by the independent financial data research company has suggested that fewer people are saving for their retirement than they are for their next vacation and more than a third are not saving at all.

Seven out of ten people stated that they would rely on their state pension to survive financially during their retirement.

Principal consultant for pensions and wealth management at Defaqto Matt Ward commented: "Our research showed that many people are sleep-walking into retirement.

"While the majority are planning to retire from full-time work at or around normal retirement age, many people realise that their income in retirement may not meet their needs."

Mr Ward advised consumers to start thinking about retirement now in order to allow sufficient time to make as much provision as is fiscally possible to do so.

Defaqto recently warned consumers - including the elderly - to ensure that their home contents and buildings policies covered them for the possibility of storm and flood damage this winter.