Nearly half (48 per cent) are either not saving for their retirement or the savings they have fall short of the amount they need to in retirement.

These are Wise Owls, Squirrel Savers, Money Moles, Savings Snails or the Ostrich mentality.

And there are more unprepared ‘ostriches’ than any other group.

More than half of workers (51 per cent) have not yet saved anything to fund their retirement and 49 per cent have no idea how much they need.

The data is part of new research which monitors the behaviour of more than 6,000 consumers by Skipton Building Society.

The consumers are grouped into five categories according to household income, how much they save and how prepared they are for retirement.