Employees legally have to be auto enrolled in private pensions, so more Britons are investing into their pensions than ever before.

James Norton, Head of Financial Planners UK, Vanguard said: “With the state pension paying less than the minimum wage, any additional pensions will be there to help fund your future.

“Starting when you leave university in your early 20s can make all the difference compared to starting in your 40s or 50s.

“Remember, you don’t need a lot to start, every penny counts as small amounts add up!