Research from Prudential has found that the basic state pension doesn't even cover the cost of living and that elderly people relying on a basic pension are likely to slip into debt.
Julie Mulvanny from the group has advised consumers to save towards their pensions from a young age to avoid financial struggles when they retire.
She added, "The problem we have is state pensions keep changing; although the basic state pension hasn't changed massively the second tier pensions keep changing in terms of affordability."