"Many also expect to continue working in retirement something which may not be possible if they become sick."
Mr Lowcock said there could be more than 8m people who were not prepared for retirement.
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He said: "The challenge is huge - as we have to convince people to give up gratification today to possibly benefit 20 years down the line, shifting people’s focus to the long term."
Scottish Widows interviewed more than 5,000 UK adults of working age in April.
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