More than a fifth (22%) of people think don't think they'll ever be able to afford to retire, as the cost of living now means they aren't saving enough.
That's according to a new report from Scottish Widows that looked at how well people are preparing for their later life.
Peter Glancy, Scottish Widows head of policy, said: "One in five people say they'll never be able to retire.
"With no further step-ups in auto-enrolment contributions planned, this is a timely reminder that bold action must be taken to ensure no one has to face the spectre of poverty in their later years."
Perhaps worse, more than one person in six (17%) are saving nothing at all for later life.
Those who think they will never be able to retire have an average income of £21,500 a year - significantly below the UK average salary of £27,396.
They are also more likely to have faced a financial emergency such as an unexpected bill or income fall in the past, with 86% having experienced this compared with 67% of people generally.
There was some good news though.
Some 59% of people surveyed in the 15th annual Scottish Widows retirement report were deemed to be saving enough for later life - the highest percentage it has seen.
Scottish Widows considers saving about 12% of your income for retirement as adequately preparing.
The report said gradual increases in the minimum contributions allowed into workplace pensions under automatic enrolment appear to have been having a positive impact on people's savings habits.
Four in 10 (40%) 22 to 29-year-olds are now saving adequately - up from 30% in 2017.
The report which surveyed more than 5,000 people also found a big fall in the proportion of under-30s who are not saving enough for retirement.
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