A recent survey commissioned by the BBC and conducted by Gfk NOP suggests that half of the UK population aged between 20 and 60 are not paying any funds into a pension.
The survey indicated that the situation was most severe among under 30s, with only 36% putting anything into a pension scheme.
In the survey, the reason many gave is that they have debts to clear. With current economic conditions so tough and an increase in the average amount of debt per person in the UK, it seems that affordability is the main barrier for young people to consider planning for their retirement.
Among 41 to 60 year olds, only 55% are currently paying into a private pension fund.
Reasons given for the low-uptake of private pension schemes included increased redundancy rates which left people with debt problems and less disposable income and, in the case of the female respondents, leaving full-time work to have children.
A popular response from young people who took part in the survey was that they had not started a pension because they felt retirement was too far off to start planning for.
Despite only 36% of respondents under 30 contributing to a private pension, half of all those who took part in the survey said they were confident that they could live comfortably in retirement.