There has been a 10 per cent increase in the number of people between 25 and 34 taking out private pensions, according to a survey by Lansdowne Market Research on behalf of Lifetime Assurance.

The survey shows that the main reasons for more young people buying pensions is a wish for full-time security and a belief that the State pension will not be adequate. Only 13 per cent of those in the 25-34 age bracket said that they expected to rely on the State pension as a source of income in retirement.

Lifetime head of marketing Mr Quentin Teggin said: "There are very positive messages arising from this research. Considering that the cost of providing for an adequate pension can almost double with every seven-year delay, it is reassuring to see an increase in the number of people starting their pensions earlier."