British workers are underestimating how long they will live and could end up facing an £80,000 shortfall in retirement savings.

Research from Scottish Widows reveals that one in five people (19 percent) base their own life expectancy on the age to which their grandparents lived – despite lifespans increasing by 11 years across three generations.

The average life expectancy of UK adults saving for retirement is 87 years, yet the average adult expects to live until 82 and retire at 65. 

That means a typical retirement is actually 30 percent longer than people expect, at 22 years. Those five additional ye...