Nearly half (48%) of pension savers are concerned that their savings will not last them through retirement, Investec Wealth and Investment (UK) has found.

In research by the wealth manager, it was also found that over half (56%) are concerned that they do not have enough money for retirement, with women (61%) being more concerned than men (53%).

it was found that more than people aged between 45 and 54 are the most worried, with 70% of those surveyed concerned that they do not have enough put away.

However, this figure is the lowest for those aged over 65, with 34% worried that they have not put enough away, and a third (33%) concerned about how long their money will last.

For the 43% of people who said that they are not worried about running out of money in retirement because they have a final salary pension scheme.

Despite this, the Investec Wealth and Investment (UK) study shows that over three-quarters (77%) retired people say their monthly income has dropped since stopping work, with a quarter (26%) stating that their income has dropped by 50% or more.

Those who have yet to retire are realistic about what will happen to their incomes in retirement – 67% expect their monthly incomes to drop on retirement and just 4% expect it to increase with 5% saying it will stay the same. The other 24% either did not know or preferred not to say.

Chartered financial planner at Investec Wealth and Investment (UK), Ade Babatunde, said: "It is worrying to see the high numbers of people with retirement savings who are worried about running out of money in retirement and not having enough money saved.

"Some of it may be explained by people worrying ahead of their actual retirement and that is a good thing if it encourages them to save more and to seek professional financial advice. However, one in three over-65s are worried about running out of money. Ideally people should save as much as possible for as long as possible and we would urge anyone concerned about retirement savings to talk to a financial adviser."

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