Consumers need to take personal responsibility with regard to saving for the future, according to Abbey.

The financial service provider states that over half (53 per cent) of UK adults do not know how much money they would need to save to enable them to live the way they want to upon retirement.

Results of a study by Abbey indicate that 63 per cent of women are less likely to know what they need for their senior years, compared to 44 per cent of men.

Reza Attar-Zadeh, head of savings at the firm, comments that not enough Britons are saving for retirement.

"This is of particular concern, with the move from final salary schemes to money purchase schemes, which means increasingly people need to take personal responsibility for saving for the future."

Older people were recently advised by Help the Aged and Barclays to take control over their finances this festive season.