Four in 10 workers aged 45 and over could be risking trouble later in life as they are unprepared for financial setbacks, new research suggests.
Women are most at risk, with 49% reportedly unprepared for future financial shocks compared to 36% of men, according to MetLife UK.
The study highlighted how over 45s expect to have on average retirement savings of £125,570 by the time they retire, with an average annual income of £21,700.
However, it noted that more than 2.5 million - 16% of over-45s - had no private pension savings whatsoever.
MetLife UK managing director Dominic Grinstead said workers needed to ensure they saved enough to withstand any unexpected costs in retirement.
"All savers and those who are already retired are hugely vulnerable to future shocks and the research shows the over-45s are well aware of the risks but are not taking action to prepare," he said.
"Future shocks range from the financial such as a stock market crash hitting savings to a surge in inflation hitting income to the general risks of life such as house repairs, paying for long-term care or having to bail out adult children.
"Retirement income plans have to be flexible enough to accommodate these financial and life issues while also providing certainty and good value."