It was also found that around 23 per cent of those surveyed have not actually started saving money for their later life.
Andrew James, retirement planning manager at Edward Jones, said the findings were a "big concern".
He explained: "If this trend continues then we are just storing up even more problems for the future.
"Those in their late 40s and 50s really do not have the time to make up for any missed contributions so we believe it's vital for their long term financial futures that they keep saving."
Recent research by Alliance Trust claimed that pensioners in the UK are the group hardest hit by the rising cost of living.
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