Only half (49%) of UK employees are saving for their retirement through a workplace or private pension.
But 8% are relying on a lottery win and 9% are banking on an inheritance windfall, according to research from the National Association of Pension Funds (NAPF) and YouGov.
The research, which surveyed 4,177 UK employees, also found that one in five (21%) are planning to save into an individual savings account (Isa), 17% are planning to invest in property, and just over a third (34%) said they are relying on the state pension.
Joanne Segars, chief executive at the NAPF, said: “It is deeply unnerving that millions of people count a flutter on the lottery as part of their retirement plans.
“A financially secure old age cannot be left to chance. The only certainty is that many will miss the jackpot and wind up in pensioner poverty.
“The UK is facing a pensions saving crisis and we can not let it get any worse. A small, regular payment into a pension can make a big difference, especially with the help of employer contributions and tax breaks. A simpler, better state pension is also a must.
“Many people take a portfolio approach to saving, so hopefully people are not relying solely on a lottery win or the death of a relative to get them through retirement. But the fact remains that most people are not saving enough, and are in for a deep shock come retirement.”
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