More than four in ten retirees (42%) surveyed by Standard Life said they regretted failing to seek financial advice.

Half (53%) said they wished they had started saving earlier and 51% wished they had more information about how to plan and prepare for retirement.

A further 37% said they should have sought advice or guidance before they accessed their pension savings.

Retirees hoped to have a pension pot of £250,000 at retirement. However, on average they had only £131,000 in their retirement pot, leaving a £119,000 shortfall, equivalent to £480 less income a month.

Based on current annuity rates, a pot of £250,000 could provide an income of £1,007 monthly, or £12,091 a year, assuming a retirement age of 66, according to calculations by Standard Life. A pot of £131,000 could result in a monthly income of £527 in retirement, or £6,332 yearly - £480 month, or £5,759 a year less.

Even a £250,000 pension pot would fall short of providing a ‘moderate’ standard of living in retirement, according to the PLSA retirement income targets.

Dean Butler, managing director for retail direct at Standard Life, said the cost of living crisis was leading to an increase in the gap between what people hoped to save and what they actually did.

He added that the pensions market needed to help increase access to affordable advice.

He said: “Access to affordable personalised advice and guidance is crucial to closing the gap – as things stand, way too few people feel able to get advice and we can see that people then regret that.

“Ultimately, contributing as much as possible, as early as possible is the key to a good retirement outcome, but it’s a huge challenge to know what to aim for and when to prioritise long-term saving over more immediate priorities.”

• Boxclever surveyed 6,350 UK adults on behalf of Standard Life between 26 July and 9 August 2023.