Britons are underestimating how much they need to save to have a decent income during retirement.
Two-thirds of people thought they would be able to convert a £50,000 pension pot into a weekly income of £200, when in fact it would buy them just £62 a week, according to CPP Group.
Only one in four people correctly guessed the size of pension they could expect from savings of £50,000, suggesting three-quarters of people could be in for a shock when they retire.
At the same time people are also underestimating how long it would take them to save for a pension which would be the equivalent of average earnings.
According to the group someone would have to save £415 a month for 30 years to have a pension pot of £320,598, for an income of £22,000.