Half of the UK population is failing to save enough for retirement, according to the Institute of Financial Planning.

The fourth annual Financial Planning survey, in association with National Savings & Investments, was conducted by YouGov and questioned over 2,000 people.

It highlights issues among consumers ahead of Financial Planning Week which launches today (21 Nov).

The survey found that 47 per cent of people are not confident they’ve saved enough for retirement and 31 per cent are not contributing to a pension plan.

Some 10 per cent of people think they will ‘never’ be able to retire, including 12 per cent of over-55s.

Some 30 per cent of people are not saving anything at all, up from 24 per cent in the same period last year.

There was positivity surrounding deposit accounts with 43 per cent of people feeling confident about putting their money into a building society.

However, there was less certainty surrounding investments with half of respondents not confident about investing in the UK stock market.

Women were more worried about their finances than men with 55 per cent not confident they’ve saved enough and 66 per cent saying they worry about money always or most of the time.

Nick Cann, chief executive of the IFP, said: “Our survey findings present a worrying picture for so many people who are facing an uncertain future yet not taking appropriate steps to improve their financial situation.

“While accepting that there are things that consumers can do themselves, the services of a Financial Planner are invaluable to help the consumer get the context they need when planning their finances and their lives, effectively.”

John Prout, retail customer director at NS&I, said: “The key is to encourage everybody to plan their finances and to really demonstrate the benefits to them of doing so.”