A new report has revealed lowest levels of people saving enough for retirement in at least nine years. The report suggested that more than half of workers will not be able to lead a quality life because they are not saving enough money required to attain that.

Scottish Widows surveyed about 5,000 people and found only 45% of them to be making right financial decisions. The study marked a new low since the research started in 2005. Also, there is a concern that highlights gender gap in saving for retirement. The rate of men putting enough is 49% compared to 40% of women down from 42% less year.

The study suggested that one-fifth of men and women combined together were saving nothing for their retirement and more than third were under saving. People saving less could earn a considerable income, but there living standards are likely to see a drop sharply after retirement.

The report found that the typical level of income that people think they would need at retirement was £25,200.

Ian Naismith, Pensions Expert at Scottish Widows, said, "People are now less prepared for retirement than at the height of the downturn a few years ago, yet expectations for income in retirement are still increasing". People need to save £12,000 a year on an average to meet those aspirations.