By Daniel Hunter

A new report by Scottish Windows has revealed that the number of people in the UK saving for retirement is at an all-time low.

The pensions and investments company has said that savers were hit by a "triple-whammy" of a weak economy, later first-time home buyers and an ageing population.

One in five Britons are saving nothing at all, while 45% of the 5,200 adults surveyed were not saving enough. However, expectations for retirement income have actually increased.

The report said that the average level of annual income people would feel comfortable living on at the age of 70 is now £25,200 - up from £24,500 in 2012, despite the ongoing sluggishness of the UK economy.

"We are being hit with a triple-whammy of, firstly, continued economic uncertainty making it difficult to save for the long-term; secondly the age of first-time buyers rising as we face troubles getting on the property ladder and thirdly an ageing population," said Ian Naismith of Scottish Widows.

"These factors combined create a perfect storm for those heading towards retirement. Whilst we are becoming more aware of the need to save for retirement, we must do more to ensure that we have a comfortable old age."

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