An overwhelming majority of people have expressed an interest in investing in alternative products to boost their retirement income, a study shows.
Based on data from 10,000 customers, pension information service provider Avacade Future Solutions (AFS) said 92.2% of people said they would consider investing in an alternative product.
Products for alternative investment include metals, power, fine wine or forestry, compared to traditional products such as equities and bonds.
According to the firm's report, 88.7% of its customers said they wanted flexibility in their retirement to "take tax-free cash and then income at a later date". AFS also confirmed 89.8% of customers declared they wanted greater control over their investments.
AFS has calculated people will be left with £39.66 a week in retirement, based on an average pension pot of £33,000, an average life expectancy of 81 and retirement at 65. Even when combined with a state pension, AFS said people "would be retiring into poverty".
The firm said: "The UK's shift towards alternative investments suggests an acute, national requirement for speedier, high-yielding solutions to counter the alarming state of traditional pension provisions."
Lee Lummis, managing director at Avacade Future Solutions, said: "The pension reforms announced last year have helped to create awareness around the need to effectively plan for retirement while also giving planners the means to grow their pension.
"We have discovered a generation of pension planners that are seemingly dissatisfied with the more traditional means and, with alternative products performing strongly, it is no surprise they are growing in popularity."