Nearly a quarter of new retirees struggle to budget in their first year without working, new research has shown.
Some 23 per cent admit to struggling to balance their books, according to the Aviva survey, having got accustomed to a regular salary for so long.
Four in ten suggested that they wish they had more money to spend, claiming that they wished they had started saving earlier.
One fifth of old age pensioners also admitted that they wish they had budgeted better in their first year, perhaps to avoid a bad credit rating.
The poll also revealed that 21 per cent wish they had retired earlier in their lives.
Paul Goodwin, head of pensions at Aviva, explained: "It's clear from this research that younger people should see retirement as something to look forward to rather than dread, but to make the most of this time in life it's vital to be prepared financially.
"The earlier people start saving towards a pension the more money they'll have to make the most of their retirement years."
Meanwhile, the Association of Consulting Actuaries has urged the government to provide more pension support to British employees working in the private sector.
Chairman of the organisation Keith Barton also called for a review of pensions policy in light of the current economic conditions.
