Despite fears of a looming pension crisis, a quarter of workers are still not saving anything for their retirement.

According to research, 85% of employees think the government will fail to provide an adequate income when they become pensioners but almost one third said they could not afford to save for their retirement, while one in five had not bothered to start saving yet.

John Dory, deputy chief of B&CE benefit Schemes, which conducted the research, said the results of the survey were alarming and urged the millions still without funds to take a “positive step” towards saving for retirement before it is too late.