The UK's cash-strapped savers are struggling to put aside funds for the future, according to new research.

A survey by Barclays Wealth found nearly one in two people see being able to set aside a realistic amount as the main issue when planning their retirement income.

Almost 80 per cent of respondents are relying on pensions to fund their retirement, 34 per cent are investing in Isas and Peps to make ends meet in their old age and a similar number are hoping their property will provide a means of investment for their pension.

Not surprisingly, consumers quizzed said if given a choice they would opt for low risk and high growth savings and 43 per cent say affordability is the key factor in planning for retirement.

"The research shows that people still see saving for their retirement as a low financial priority as they struggle to balance setting aside a reasonable amount for the future with the financial demands of everyday living," said Stephen Ingledew from Barclays.

However, those consumers with enough to start saving are interested in more flexible products such as self invested pension plans (Sipps).

"One of the consequences of the A-Day pension simplifications is that Sipps have become more popular and are increasingly regarded as one of the most effective savings vehicles for people looking to benefit from the new rules.

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