The study of more than 2,000 people revealed that 21 per cent of Britons aged between 18 and 30 have started contributing to a pension, while a further 31 per cent have seriously considered it.

Some 52 per cent of those who have already started saving credited negative media coverage of the issue as the impetus and only 17 per cent were encouraged to start contributing by their parents.

Matthew Wood, managing director at vouchercloud.com, said: “Over the last few years there’s been a lot made of the fact that the generation of today are going to struggle financially once they reach retirement. The golden age of pensions has passed and the majority of people can no longer sign up to lucrative company schemes offering final salary pensions. Media coverage of the issue has been fairly widespread and it certainly seems to be having an effect.” 

Of the respondents who had yet to start saving, 47 per cent said they could not afford to lose a slice of their pay packet each month; only 32 per cent said they had other priorities while still young and 17 per cent told vouchercloud that the question of a pension had ‘never crossed their mind’.

Contributing to tax free ISAs was the most popular method of saving -41 per cent had started making such contributions- while 37 per cent had taken steps to reduce debt with retirement in mind and 22 per cent had signed on to a company pension scheme.

More than half of the young adults surveyed admitted to being concerned about their future pension options.

Wood concluded: “The fact that over half of the respondents are fearful about what their future retirement holds should help to try and address the issue. Starting to plan as young as possible is certainly the way to go if you want to live comfortably in old age.”