It was also found that people have differing views of retirement when compared to the government's plans to increase the state retirement age.
Younger generations expect to retire at 61, despite MPs planning to boost the age that people leave work to 68 by 2044.
Baring's European sales head, Rob Lay, said that the survey showed people need to take a more proactive approach to their retirement.
He added: "These figures reveal a worrying trend of UK adults assuming that they will be in a position to retire without having made the necessary arrangements for funding that retirement."
Baring's study has come after a recent report by Research and Markets found that a growing number of people in the UK have accepted they may need to work past the state retirement age to fund their later life.
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