"Significant cuts" are being made to the living standards of UK workers to prepare for their own retirement.
Research has found many people place too much reliance on the state to help them in later years.
Pensions expert, Dr Ros Altmann told Daybreak that it is vital people have their own pension plans.
She added: "It is so important to not have a fixed age where you think I won't do any work at all."
More top news
The high-tech new notes due to be released in September have one major drawback - they can stick to each other, the bank has said
A family will have to give their loved one a second funeral after a mortuary blunder at Southport Hospital got two bodies mixed up.
Mark Stribling and Robert Stilwell are charged with immigration offences after a boat of 18 Albanian migrants sunk off the Kent coast.