Gareth Shaw, Which? Money expert said:
“That such a high number of people in middle-age have not properly considered how they will manage in retirement should be cause for concern.
“The current complex pensions system is leading to disengagement, leaving consumers vulnerable through the real lack of information, support and tools needed to empower consumers to make informed decisions about their financial futures. Today’s figures should spur on the FCA to take action to deliver a consumer-friendly pensions system that everyone can engage with.”