A survey has found that over half of the tota adults between 20 and 60 years of age have no provision for their pension at all. This is being blamed on the affordability factor.

About 55% of people between age 41 to 60 and almost 66% in their 30s are not putting anything into a pension scheme.

Most youngsters are more worried about finding or keeping the job, paying the bills or buying a house of their own and the thought of retiring seems too far away. Tom Wainewright, 25, an architectural assistant told BBC, "At the moment I'm just trying to keep down a steady job. I was made redundant because of the recession and have had to take a pay cut."

Strangly many people have not started pension because 'they did not know how to'.

This makes exerts wonder that more and more people will be forced to work into their 70s or even beyond as they would not have any other income apart from the state pension which may not be enough for many. Some believe that people may not stop working at 65, as they do now but wind down and work either from home (on Internet) or find other pursuits into their 70s to supplement their income.

Recent performance of financial markets has not helped this mindset.

Andrew Knowles says, "I'm disillusioned with the general financial system and pensions are part of that."

Government is aware if the pension time bomb and is planing to introduce 'Personal Accounts', which is due to be rolled out in 2012.

Personal Accounts will be a state-sponsored pension arrangement, in which employees will be automatically enrolled, contributing 4% of their salary. The employer will pay 3% and a further 1% will come from tax relief.