Expectations and preparations for retirement vary widely across the country, according to the report from think tank Phoenix Insights.

Total pension pots in the Midlands and the North average less than £98,000, far below the £248,000 recommended for a moderate standard of living in retirement by the Pensions and Lifetime Savings Association.

Six in 10 workers surveyed in the North East, Greater London and Wales were worried they will need to work past the current State Pension age of 67, in comparison to just over half (52%) of those in the North West and Yorkshire & Humberside.

Over a quarter of savers (28%) in Wales, Scotland and the South East do not expect to have enough money to live on in retirement.

This compares to just one in five in the East Midlands (21%) and South West (22%).

Patrick Thomson, head of research analysis and policy at Phoenix Insights, said: “People across the UK are living longer lives than their parents and grandparents and unlocking opportunities they never had. But this isn’t being felt evenly around the country. Most people are not saving more to reflect the fact they may be retired for longer, and many are starting to think they might want or need to work for longer than they planned, often in order to meet their retirement income needs or help their loved ones financially too.

“To enjoy fulfilling longer lives, Phoenix Group recognises that we all need to think differently about our futures, and the futures of those we care about. The journey to retirement has already changed for many people, with some reducing their hours in the run up, others embarking on second careers later in life or actively choosing to work beyond state pension age for a variety of reasons. There are also those who have left the workforce early due to ill health or through caring responsibilities.

“Our research shows that we can’t afford to take a one-size-fits-all approach to solving things. We need to look at better opportunities for employment and savings, and the government’s approach must reflect the needs of all parts of the UK to make a real difference to people’s longer lives.”

The top five regions with the most savings were:

• Greater London (£144k)
• East of England (£136.7k)
• South East (£121.5k)
• Scotland (£118k)
• Northern Ireland (£114k)

The fop five regions with the least savings were:

• North West (£91.4k)
• Yorkshire and Humberside (£97.6k)
• East Midlands (£98.1k)
• West Midlands (£98.4k)
• South West (£101.7k)

Phoenix Insights surveyed 2,500 workers aged 45 and over across the UK.