Some 13% of UK adults, who are not currently retired, are not planning to give up work, research from Canada Life has revealed.
The survey also found that more than a third (34%) of people’s retirement plans have altered as a result of the cost-of-living crisis. This included 26% of over 55-year-olds.
Among those yet to retire, one in five (19%) of those aged 55 and over still have no plans to stop work and 45% say that their retirement plans are not detailed.
One-in-10 (10%) Brits have never thought about planning for retirement and have no intention of doing so. The research also indicated, however, that more than a third (35%) of retirees wish that they had planned for their retirement more thoroughly.
The average age of those who have started thinking about retirement is 37, the survey found. Men tend to start to think about retirement at 35: women begin to consider it at age 39.
The majority (71%) of those who have started to think about retirement have not spoken to a financial adviser about their plans, and within that group, just 49% would consider doing so.
Tom Evans, managing director of retirement at Canada Life, said: “The old adage ‘fail to prepare and prepare to fail’ applies when it comes to planning for retirement, but our research shows that many people are adopting a ‘bury your head in the sand’ mentality.
“Retirement may feel like a lifetime away, but the sooner you plan, the more empowered you will feel. No matter what age you are, a financial adviser can be invaluable in helping you to plan for and achieve your ideal retirement.”
