It was also revealed that around half of over-35s do not contribute to a pension scheme, while 47 per cent also admit that they are struggling financially.
Jennifer Holloway, media relations head at Skipton, said the findings showed it is "definitely time for a wake up call".
She added: "Our figures show today's under-35s will either need to work much, much longer or earn much, much more to be able to retire when and how they want to."
Recent research by Co-operative Financial Services found that people in the UK spend around two years of their life worrying about their spending and borrowing habits.
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