Nationwide director of savings Matthew Carter said that consumers were failing to set aside enough money each month to save.
He added: "There has never been a more important time to save which is why we urge the industry and government to work together to help educate people about the importance of building their own nest egg, however large or small."
Primary school children are now being taught about money and financial management in a joint initiative from Nationwide Education and secretary of state Ed Balls, with plans to extend the scheme to secondary schools next year.
Meanwhile, research from insurer Scottish Widows shows that only 46 per cent of women are putting away adequate contributions to their pensions funds compared to 55 per cent of men.
The report found that having lengths of time off work due to raising a family was a barrier to making pension contributions.
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