The Commission for Financial Capability has released the results of a survey that found 86% of people were apprehensive about their financial security after 65.

More than half expected their standard of living to drop in retirement.

Many said they had simply not saved enough for retirement and often the only solution was to work longer. Others who haven’t yet retired were unsure how they would cope.

Comments included: “I am renting. My rent costs me half my wages. It is a struggle to exist now, and I am working 30 hours a week in the school term. I will be even worse off with the pension. I will need to find a cheaper rental, which I have already tried to find. How will I afford to eat? Live? It is hard enough now, and I live alone.”

People were asked to select factors that would affect their financial security and could choose more than one answer. Nearly 20% identified difficulties saving, a similar number had no retirement savings or investments, and 14 per cent said they would be renting long-term.

Concerns were also raised about job security, health and disability problems, and being socially isolated.

Retirement Commissioner Diane Maxwell said: “As we live longer, the financial pressures in retirement increase – we’ve got to live on a fixed income for a lot longer than our grandparents did.

“The good thing is that people are starting to think about it and many are making plans to manage their later years. But I’m concerned for the people who aren’t or who are unable to. Our review will consider what can be done to support those people.”

Respondents suggested they could help themselves by spending less sand saving more. A quarter planned to move to a cheaper place.

But when asked what would improve their financial security, the most common suggestion was the need for free financial advice, planning and information. Many people also said financial education should be taught in all schools from a young age.

Other suggestions included a higher rate of NZ Super, the need for assurance around the future of Super, and compulsory KiwiSaver.

The Institute of Financial Advisers has been working on a programme of pro bono advice with citizens advice bureax.

But Claire Matthews, of Massey University, said she was not sure free financial advice would be the solution, because there was already a lot available from sources such as Sorted.

“However, free advice may be part of the answer and may also address concerns about the lack of access to financial advice.  If there was to be agreement that free financial advice is a good idea then it would have to be a government-provided service.”

She said Britain’s Money Advice Service might be a suitable model to emulate.

“Potentially it would be sensible to set it up under the auspices of the CFFC, rather than as a separate entity.”

It has been suggested that Financial Advice New Zealand could play a consumer education role. But IFA president Michael Dowling said it was premature to talk about how it might respond before the detail had been discussed with the wider group of advisers.