Almost a third (31%) of respondents in their 30s are not saving anything at all for retirement, according to research by Friends Life.
Its GenXpectations research, which surveyed 2,000 individuals, found that more than half (51%) of respondents over the age of 40 said they wish they had saved more for retirment when they were younger.
The research also found that 43% of over-40s do not think they have saved enough to retire, compared with 25% who thought they had saved enough.
Just over a quarter (28%) of respondents aged between 18 and 24 are already saving regularly for their retirement.
Colin Williams (pictured), managing director of corporate benefits at Friends Life, said: “The fact that such a high percentage of those approaching 40 are not saving for their retirement is extremely worrying.
“Unless people start making real savings now, they could find that their vision of a comfortable retirement could be nothing more than a dream.”