One in seven people has no plans to retire, according to research by Baring Asset Management.
It asked 2,000 people – from age 18 to 65 and over – what there plans were for retirement.
A total of 14pc said they would continue working as long as they could, with no specific plans ever to retire. If the survey is representative of the population, this would equate to 5.1 million people.
The 14pc figure marked an increase from 12pc in 2012 and 10pc in 2011 in what has become an annual survey. It was the highest figure recorded by the asset manager since it began the regular research in 2008.
A further 40pc of respondents said they were unsure when they would be able to retire – a 2pc increase from the previous year.
On average, workers now expect to retire at the age of 64, up from 62 in 2009. The research also found that those aged over 65 and still working did not expect to retire until the age of 71.
A recent study conducted by insurance giant Aegon UK found that 30pc of young people planned to retire before the age of 65, while 13pc planned to retire at 70 – which is, according to experts, a more likely retirement age.
An estimated 12.5 million people have no pension and an increasing number of people are concerned that the rising cost of living will prevent them from putting aside enough for old age.
Marino Valensise, chief investment officer at Barings, said: “It is clear that uncertainty is increasing for many people around retirement plans, with more people unable to say exactly when they plan to retire and the average age continuing to rise.
“Significant numbers of people nearing traditional retirement age reported they did not know when they will be able to retire and the worry is that a lack of sufficient financial planning and pension provision combined with increased longevity is having a real impact on a large proportion of the population.
“The fact that so many people say they do not have a pension, including relatively affluent people and those in the 55-64 age segment, underscores the need to focus on effective retirement planning.”
Although the number of men with no pension has steadily declined, from 30pc in 2008 to 26pc in 2013, the number of women with no pension has risen, to 42pc from 39pc.
Percentage of non-retired people who do not know when they will be able to retire…
|65 and over||18%||15%||15%|