The life cover and pensions company calculated the initial monthly contributions needed to achieve a £100,000 fund over various timescales.

The analysis assumed 5 per cent investment annual growth, 0.75 per cent fund charges a year, and that monthly contributions would rise with inflation of 2 per cent a year.

Aegon found someone saving over a 40-year time period would need to start saving £60 a month to generate a pot of £100,000. Contributions would need to kick off at £80 if you had 35 years to save; £109 for 30 years; £154 over 25 years; and £225 over a 20-year timescale.

Aegon said people saving into a typical workplace pension would only need to save half these amounts as employer contributions and government tax relief boost savings.

The figures show the importance of allowing lots of time for your investments to grow. Someone wishing to build up £100,000 over 20 years, would need an initial contribution of £225 a month, almost four times as much as someone who saved over 40 years and achieved the same 5 per cent investment growth. It is important to remember, however, that £100,000 today will buy considerably less in 40 years’ time.

The analysis also shows the benefits of saving through a workplace pension as under automatic enrolment rules, every £1 saved out of take home pay becomes £2 after the employer contribution and the tax boost from the government. This means that the cost to the individual of building a £100,000 workplace pension pot is just half what it would be if saving on their own outside of a pension.

Steven Cameron, pensions director at Aegon, said: “Many might think building up a savings fund of £100,000 is completely out of reach. But our analysis shows that provided you get into the savings habit early enough, it could be much more affordable than you might guess.

“For someone starting saving in their 20s, an initial monthly investment of as little as £60, rising with inflation and with investment growth of 5 per cent, could produce £100,000 after 40 years. And if that same individual is contributing just half this, or an initial £30 from take-home pay, into their workplace pension, they too could be on target for a £100,000 pension pot.

“Getting into the savings habit early can make a huge difference to how much you can build up. The other important aspect is where you are investing your money. An initial £60 per month saved in a savings account or cash ISA returning 1 per cent per annum would grow to only £52,000 over 40 years. On the other hand, those prepared to take more investment risk could see higher returns.

“Over 40 years, an initial £60 contribution per month, but with an investment return of 6 per cent each year rather than 5 per cent would produce a pot of £126,100, around £26,000 higher. If considering investment choices, we recommend seeking advice.”