UK workers are having to make "significant cuts" to their living standards to prepare for retirement.
With savings usually lasting around seven years, the average retirement is expected to carry out for 19 years.
According to research from HSBC, UK workers are the worst-prepared, facing 12 years of living standard cuts.
Research also found that people are placing too much reliance on the state to help them in their later years.
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The department store chain said nearly 400 jobs would be lost as it grapples with the pressures facing the retail sector.
Consumer prices have rocketed by 58% since 2003, with the UK industry paying the biggest bills in Europe.
Friday will be a much calmer day for many, with the weather set to remain dryer with sunny periods and much lighter winds than on Thursday.