Many people do not know how much money they need when they retire, according to the Institute of Financial Planning.
As many as three quarters do not know what their needs for retirement are, while 74 per cent believe that their savings plan will not help them reach their required funding levels.
Holly Cook, online editor at Morningstar.co.uk said that people could benefit from a "financial spring clean".
President of the IFP, Barry Horner, said: "The poor reputation that pensions and pension providers now have in the eyes of the generally public has doubtless resulted in a lack of interest in the need to plan for the future."
Equity release schemes could be one way for people who are caught out to get themselves out of a financial cul-de-sac.
The money could be used for any reason, be it day-to-day needs or a luxurious trip abroad and is an alternative to the traditional ways of funding retirement.
By David Hancock 
