ALMOST three-quarters (74 per cent) of British people will not be retiring with enough funds to maintain their current lifestyle, a new survey found today.

The survey, carried out by financial advisers the deVere Group, suggested there is a “retirement crisis looming,” the firm’s chief executive said.

When asked “what percentage of your current income could you live on in retirement,” most respondents “grossly underestimated” how much they would need, the firm said. 

It calculated that, with inflation running at an average of 3.5 per cent, retirees will need to double the amount of money in the future to maintain their current lifestyle. 

DeVere Group founder Nigel Green said: “There’s a retirement crisis looming for Britons.

“Too many people are simply not saving enough and they don’t realise just how much more they will need to retire comfortably in the future.”