Just 29% of adults aged 55 and over plan to use a personal pension as a way of funding their retirement, research suggests.
The survey has prompted a warning about over reliance on the state pension and failing to be prepared for life after work.
The AXA Wealth study, carried out by YouGov, also found the state pension remains one of the most commonly cited sources of retirement income with 78% indicating that this plays a significant part in their retirement planning.
Nearly 10% of 55s and over see family support as a way to fund their retirement.
{desktop}{/desktop}{mobile}{/mobile}
Those surveyed said they were turning to a variety of assets to secure their retirement income, with 9% expecting to rely on family support.
AXA said the findings suggest there is an opportunity for financial advisers to help investors consolidate their assets or pool savings within a family to get the most out of their investments.
Nick Elphick, managing director, AXA Wealth Specialist Products, said: "The reliance on the state pension is concerning given that the introduction of the flat rate state pension in 2016 is likely to see many people receiving less than they would under the current system.
"It also worries me that too many people are under-prepared in providing for their retirement and so few are considering a personal pension."