The average 45 to 54-year-old has around £88,000 saved for retirement but the amount needed for a moderate standard of living in later years is £248,000.
That means a pension savings gap of £160,000, according to analysis by the think tank Phoenix Insights.
Now midlifers are cutting back on holidays and luxury items (18%), selling belongings they no longer need (14%) and downsizing their homes (10%) as they try to squirrel away extra cash to pay the bills in old age.
Eight per cent are actively considering a higher-paid job while the same proportion are looking at a second job – equivalent to 710,000 midlifers.
The cost-of-living crisis was cited by 63% of the 2,000 workers surveyed as the main challenge they face to save.
Twenty per cent say higher mortgage payments are preventing them from building up their retirement nest egg.
However, they appear to be addressing the issue head on, with four in 10 following a plan and 45% saving more regardless. Overall, 5.2 million in this age group (59%) are taking action save more
for retirement.
Patrick Thomson, of Phoenix Insights, said: “Across the UK, we are grappling with how to make the most of our longer lives, including how we prepare and save for the years ahead.
“Only one in 10 of this age group believes they could live on the state pension alone when they retire.
“For those in midlife, often facing substantial financial and time pressures, it can be a critical time to take stock.
“As we are living longer than the generations before us, we all need to think differently about our futures and the futures of those we care about. For many, this can be a challenging topic.”
Middle-aged workers in London (51%) and the North West (49%) are most likely to be regularly saving for retirement,
the poll found.
This compares with 36% in the North East and 38% in Wales.
