Personal finance expert and editor-in-chief of LendingExpert, David Beard, also examined the matter.

He said: “This is worrying but sadly not surprising news.

“We know people aren’t squirrelling away enough money to build up a sufficient pension pot.

“Therefore, it doesn’t surprise me people aren’t prioritising checking what type of pension they’re paying into either.

“It’s not just young people entering into the workforce who aren’t prioritising their pensions.

“Those who aren’t comparing or checking their pension pots are people in their 30s, 40s and 50s who’ve grown up assuming their pension will give them the same kind of retirement their parents have.”

Mr Beard has described pensions as “complicated financial products”.

As a result, Britons need to give them a good amount of attention, and regularly keep an eye on their savings.

However, according to the expert, responsibility also falls on pension firms.

He has called for these organisations to do more to ensure Britons fully and easily understand their pension arrangement.