The workplace pensions provider found more than one in four of people (28%) stopped saving in light of the recession and have not saved since.
Now Pensions said the research gives a "worrying snapshot" of the state of savings in the UK.
Three quarters of respondents said the country has no savings culture.
The figures also show one in three (32%) of people have less than £500 in savings - and one in five has no savings at all.
CEO of Now Pensions Morten Nilsson said with the rising cost of living, saving has inevitably taken a back seat. He added the recession is not solely to blame.
"As credit has become more accessible and acceptable, the motivation to save has diminished. To transform this, more needs to be done to help people recognise the value of saving, for both their short and long-term financial security," he said.
Savings habits
The figures show one in four people blame frozen wages and rising bills for their lack of savings, while one in 10 believe there is no point in saving when interest rates are so low.
Recessionary strain has had the greatest impact on the savings habits of the baby-boomer generation. One-third of this generation said they have put an end to regular contributions since the recession.
It showed in contrast, the financial crisis has had a more positive impact on Gen Y, with 38% claiming they are saving more since the crisis began.
Financial education
The report said to help tackle this problem there needs to better financial education in schools and workplaces.
It also said auto-enrolment will play a big part in helping to ensure younger generations have a more financially secure retirement.
"The changes to workplace pensions will go some way to helping instil a positive culture of saving in Britain but employers need to ensure they drive home the benefits of staying opted in to the scheme," said Nilsson.
The research was conducted in May 2013 with 2,000 UK respondents.
