POOR planning is forcing workers to delay their retirement after seeing the value of their pensions fall badly short of what they had hoped for.

Independent financial advisors said the unrealistic expectations of people in the North-East and North Yorkshire was leaving them with major worries.

Experts said more needed to be done to educate workers about saving for their futures and not expect "small miracles".

Graham Laverick, managing director of WR Financial Management, in Stockton, said: "People are not starting their retirement planning early enough.

"We need to encourage people to not save vastly, but consider making modest contributions into pension arrangements before they get to the age of 40, otherwise they are playing catch-up.

"When you are in that position, you might have to take undue risks with the fund, whereas if you have planned better, you will not have to take the same degree of risk."

Kevin Anderson, director of Budge and Company, in Harrogate, North Yorkshire, said: "A lot of people are not saving at a realistic level, and it is especially hard if people have children.

"If people are waiting until their kids leave home before they start saving, it is not giving them much time.

"They expect small miracles in terms of the amount they hope to have to fund their retirement.

"People say they would like to be able to retire at 55, but that is never going to be an achievable objective for many."

A person starting to save at the age of 40 would need to set aside £300 a month to provide an estimated £14,000-a-year at 65.