Three-quarters of people think Government Superannuation is not enough, yet fewer than half are saving for their retirement.
An AMP survey of attitudes to retirement also found that the further south, the more money was being saved.
AMP's general manager of savings and investments, Roger Perry, said the figures suggested
that many "Kiwis are living in a fantasy world".
Aucklanders are less likely to save for their retirement than people in Wellington or Christchurch.
Those surveyed in the South Island expect more assistance from employers while North Islanders anticipate more help from family.
Of all those surveyed, 45 per cent were saving for their retirement. When told how much the pension was ($245 a week for a single person or $377 for a couple), 76 per cent said that was not enough.
Another 62 per cent said they did not think a similar level of pension would be available for them on retirement.
Despite the lack of savings, the survey found 85 per cent of people wanted to live in a debt-free home, and 80 per cent wanted to travel.
The survey had a sample size of 669 and was conducted between June and December last year. All respondents were aged over 18 and the survey had a margin of error of plus or minus 3.8 per cent.
