A significant number of people in the UK do not think they have put enough money away for their retirement, new data has revealed.

Commissioned by the Institute of Financial Planning (IFP) in association with National Savings and Investments, the fourth annual Financial Planning Survey spoke to 2,000 people up and down the country as part of UK Financial Planning Week.

It was discovered a significant number of adults are concerned about their finances as they try to juggle current expenses and debt with making provisions for later life.

Just 19 per cent of respondents thought they were putting enough money aside for their retirement, while 14 per cent have never made contributions to a pension fund.

Some 47 per cent do not think they have saved large enough funds for their future, while this figure was even greater among women as it increased to 55 per cent.

Chief executive officer of IFP Nick Cann said the results of the study "present a worrying picture", as people are facing an "uncertain" future due to their lack of planning.

Furthermore, a significant number are failing to take steps to try and rectify the situation.

"Whilst accepting that there are things that consumers can do themselves, the services of a professional financial planner are invaluable to help the consumer get the context that they need when planning their finances and their lives effectively," Mr Cann continued.

Defaqto also highlighted the importance of seeking professional help recently, stating it can be particularly important for retirement planning as this is an area individuals often find complicated.

The IFP survey discovered although 31 per cent of people have put money into a pension plan in the past, they are not currently making any payments, while 66 per cent of women and 54 per cent of men claimed to worry about money almost all of the time.

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