New research has shown that one in three people between the age of 18 and 29 save any money towards their retirement.
And less than half (47%) of those aged between 30 and 49 make any savings for when they finish their working lives, according to LV=.
The retirement and protection specialist warned that without planning ahead and saving towards retirement, people will not be able to fulfil their dream when they finish work.
According to the study, which involved 2,022 UK adults, more than half (55%) said they had not yet been on their idea of a perfect holiday.
Of those, more than three-quarters (78%) said they would take their dream holiday later in life or in retirement.
However, of today's retirees (aged 60 or more), only 52% have had their dream holiday, with one in five (20%) giving up hope of ever doing so.
As for people who have not yet achieved their dream home, 41% hope to do so in the future.
Ray Chinn, head of pensions at LV=, said: "From a young age, we have aspirations for our future lives.
"For most of us, it can take many years of hard work and a disciplined approach to saving to get anywhere near achieving these dreams.
"For many people, our golden years in retirement is when we see ourselves relaxing in a perfect home, and jetting off on dream holidays, but unless we start saving for retirement early, and put enough aside, these dreams will not become a reality."