The Pensions and Lifetime Savings Association (PLSA) has called for savings targets to be put into place in order to help individuals save adequate funds for their retirement.
According to research published by the PLSA, more than 13 million people have not saved enough for a comfortable retirement.
In addition, 78% of people aged between 18 and 64 are unsure of where to look to find out if they are on track with their retirement savings.
The trade association has suggested that the UK could look to implement retirement income targets, similar to those used in Australia.
Commenting on the issue, Graham Vidler, Director of External Affairs at the PLSA, said: ‘We all know we need to save for retirement, but few of us know how much we might need to live on or whether we are on track to hit that target.
‘We are . . . looking to develop a new set of retirement income targets that will empower savers by providing tangible targets for them to achieve. We look forward to working closely with stakeholders to build a retirement savings market which is truly focused on the end users – savers.’
The PLSA has launched a consultation on the matter, which will run until January 2018.