It was also found that 15 per cent both blamed the house prices and paying debts as a reason there are reducing contributions.
Commenting on the findings, AXA spokesperson Steve Folkard said: "If we dont tackle this issue this group are in for a wake-up call in retirement.
"Planning for the financial future and particularly retirement is more than simply deciding what you want to do."
Research published by Prudential earlier this week claimed that voluntary pension contributions by UK adults have halved in the past 12 months, with non-retired people placing an average of £144.57 a month in private and company schemes.
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