'I'll be working when I'm 70': Less than a third of Generation X are on track for retirement

Just 28 per cent of Britons aged between 45 and 60 are on track to meet their retirement savings goals, data seen by This is Money suggests.

Campaigners fear many members of 'Generation X' face a disproportionate risk of delays to their retirement - or even a lifetime of work of some kind.

By contrast, 50 per cent of Generation Z, aged between 13 and 28, said they were confident about meeting their pension target.

A slightly smaller proportion of Millennials, born between 1981 and 1996, said they were on track to meet their retirement savings goal, compared to just 37 per cent of those born between 1946 and 1964.

Some 65 per cent of Gen Xers lost access to a final salary pension scheme that was available when they first started working.

A hefty 78 per cent of people in the Generation X age group surveyed said they would not have enough money saved up in pensions to enable them to fully retire.

And 17 per cent of people in Generation X said they were worried about never being able to fully retire.

Nearly 60 per cent in this age group said they view pensions as a 'complex minefield' due to their lack of knowledge, according to the findings by Annuity Ready and the Get Britain Pension Ready Campaign.

Around 30 per cent of those surveyed in the Generation X age group said they felt automatic enrolment pension schemes was not launched in time to make a significant difference to their pension prospects.

'These findings highlight a stark challenge for Generation X, who are disproportionately at risk of falling short in their retirement savings', Rotimi Merriman-Johnson, an independent expert for Get Britain Pension Ready, said.

Two-thirds of Generation X people surveyed said they though the high cost of living was likely to prevent them from fully retiring.

Meanwhile, 59 per cent of Generation X surveyed said they were concerned about not being able to fully retire as they did not think the state pension would be sufficient.

Across all age groups, most people thought they would need a pension pot of at least £500,000 to live comfortably in retirement.

Nearly half of Generation X respondents said they were part of a final salary pension scheme when they started work.

However, many generous final salary pension schemes and been phased out and 65 per cent of Generation X surveyed said a final salary scheme was no longer an option for them.

The research also found that the average number of years worked by Britons at the time auto-enrolment was first introduced in 2012 was over 15 years.

Across all age groups, over 30 per cent of people surveyed said they were unaware of what an annuity was or how they worked.

Merriman Johnson said: 'The phasing out of final salary schemes, combined with the delayed introduction of auto-enrolment, has created a unique gap that has left many feeling unprepared.'

He added: 'However, it's important to stress that it's never too late to take action. By accessing the right tools, individuals can gain clarity about their current position and start making informed decisions to bridge the gap.'

Angelica Bell, ambassador for the Get Britain Pension Ready campaign, said: 'With the cost of living rising, people across different generations are balancing their daily expenses and pension contributions with their long-term savings and retirement dreams.

'This has left many Brits unsure if and when they will be able to retire comfortably.'

She added: 'The earlier we can help people get the information they need to feel retirement ready, the better.'

Drew Emery, 51, lives in Leeds and is a freelance writer.

When he was younger, Drew did not think about pensions and they were not a priority for him.

He told This is Money: 'My parents and school never talked about the importance of a pension, and once I was working, I felt it was something I could catch up on later in my career - you know, when I'd established myself as a rich and successful writer!

'I slipped into that gap between the end of final salary pension schemes and the beginning of auto enrolment, and it wasn't until the latter came in that I really started saving.

'I cashed in my first pension as I was made redundant from my very first job after graduating - I had student loan debt, no idea what to do next and that money would see me through a summer.'

Drew, who is now putting money in a SIPP, said he was 'not very confident' about having enough money for later life.

He said: 'While I have a pension, it's not one that would be sufficient to maintain my standard of living or to fulfil the dreams I have for my retirement.

'I think I'll be pushing 70 or over until I'm able to retire, health permitting. Luckily, I don't do a physically arduous job, so as long as my mental faculties are intact, I should be able to keep going.'

On taking steps to boost his pension pot, Drew said: 'I monitor my pension actively. I pay into it regularly and I've also spent time tracking down old pensions from short-lived staff jobs and consolidating them so I can keep on top of where I am. I'm also aiming to up my contributions.'