Two thirds (66%) of people in the UK admit they will rely on the state pension "to some extent" in retirement, Hargreaves Lansdown (HL) has revealed.

The firm’s survey of 1,500 people found that almost one in 10 (9%) said they will be “totally dependent” on the benefit, with one in five (19%) stating they will be heavily reliant on it.

A further 14% are unsure how reliant they will be on the state pension.

The survey follows analysis HL carried out with Oxford Economics, which showed 92% of people can meet their essential needs in retirement with a combination of the state pension and their pension savings.

However, if the state pension is taken out of the equation, this falls dramatically to around 42%, so the state benefit continues to do most of the heavy lifting.

Head of retirement analysis at HL, Helen Morrissey, stated: "A full new state pension is currently £241.30 per week. While this will be sufficient for many people to cover their essentials, for the vast majority it will be nowhere near enough to live the lifestyle they enjoyed while they were working. In addition, the age at which you receive the state pension is currently on the rise and is expected to hit 67 in 2028.

"It’s then expected to start rising to age 68 between 2044-46, though the ongoing review into the state pension age could bring this forward. The reality is that if you want a retirement where you can afford more than just the essentials, or you want the flexibility to retire early, then you will need to make the most of your pension.

"The good news is that auto-enrolment has boosted the number of people contributing to a workplace pension. This should mean that, over time, the number of people totally or largely reliant on the state pension will drop. However, if you want to fulfil all your plans for your retirement years, then it’s worth looking at how you can boost your pension."

---