For those people who are on track with their pensions savings, around one in four lacked surplus income. Similarly, around 14% did not have adequate savings.
The platform business calculated this using its savings and resilience barometer, which tracks the Pensions and Lifetime Savings Association's Retirement Living Standards as a template for a ‘moderate' retirement income - £20,800 for one person and £30,600 for a couple.
HL senior pensions and retirement analyst Helen Morrissey praised auto-enrolment for getting more and more people contributing towards a pension but said risks to short-term finances could end up being ignored.
"One in four people on track for a moderate retirement did not have adequate surplus income today," she said. "This means their day-to-day finances could be put under pressure by an unexpected large bill. They could also struggle to meet the rising cost of bills and food that we are seeing as inflation surges."
The findings also revealed that half of the people who are on track with their pensions did not have adequate life cover. There was a distinction in the pensions adequacy of homeowners when compared to those who lived in rented accommodation, with homeowners much more likely to be on track for a modest retirement.
Findings from the same savings and resilience barometer earlier this year found 40% of savers were on track to a moderate level of retirement.
