Over one in four savers (27%) expect to be either totally or heavily reliant on the State Pension in retirement.

A further 35% of those surveyed by Hargreaves Lansdown said they expected to be 'quite reliant' on the State Pension.

Just 21% of savers said they would not rely on the State Pension at all for their finances in retirement.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said she expects less people to be reliant on the State Pension.

She said: “The issue of total reliance on state pension will lessen over time as more people go through their working lives auto-enrolled into a workplace pension scheme.

"This will enable them to build up a decent retirement income over and above what they get from the state. This means we should see the proportion of people who say they won’t be reliant on state pension grow from its current 21% over the coming years.”

In November the Treasury confirmed that it will increase the State Pension by 4.8% for 2026/27 in April under the earnings trigger of the Triple Lock mechanism.

It said those on the full rate of the new State Pension are set to receive more than £550 a year more, or just over £11 a week.

The Triple Lock guarantees that the State Pension increases annually by the highest of inflation, average earnings growth or 2.5 per cent. As a result from next April the rate of the full new State Pension is expected to increase to just over £240 a week.

That £550 a year increase is £120 more than what it would have been if it had been uprated only by inflation, the Treasury said. The full basic State Pension is expected to rise by around an extra £440 a year.

The new State Pension will increase to £241.30 a week, up from its current rate of £230.25 a week. It means pensioners could see their total payment for the year rise to £12,534.60 from the £11,973 a year.

The old basic State Pension is expected to go up to £184.90 a week or £9,614.80 a year.

Opinium surveyed 1,500 UK savers on behalf of Hargreaves Lansdown in October.