UK – Only one in ten adults in the UK expects to be able to live off the state pension, yet 39% have made no provision for their retirement, according to research undertaken by HSBC.

The report also suggests that 63% of people expect the state pension to be worth less in real terms when they retire, whilst 28% expect it to be worth a lot less. And according to HSBC, men (68%) are more likely to arrange a pension than women (52%).

The survey also finds that age isn’t a determining factor, either, as almost as many 25-35 year olds as 55-65 year olds are likely to take out a pension, at 65% and 67% respectively.

The main reasons people say they haven’t yet taken out retirement provision include not being able to afford one and retirement seeming too distant, especially among 18-24 year olds.

Occupational schemes remain by far the most popular schemes as the survey says that 71% of people in the UK arrange their pensions through work.

Harpal Karlcut, head of life, health and pensions for HSBC Bank says: “Few people expect the basic state pension to give them a comfortable lifestyle in retirement. But our research shows that an alarming number of people still have no other pension arranged.”

The HSBC survey asked about 1,004 adults in the UK about their thoughts on pensions during August.