It was also found that if they did live longer, 36 per cent of people would use the extra years to spend time with their grand children, while 24 per cent may also think about travelling.
Andy Briscoe, the chief executive officer of Life Trust, said: "We're all living longer than ever before, which should be seen as an opportunity not a burden.
"But we continue to see a real disconnect between people's perception of retirement, in terms of length and aspirations, and the money they have set aside to pay for it."
Previous research by Life Trust found that people across the UK are underestimating their life expectancy.
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