One in seven non-retired individuals are planning to stay in work for longer in a bid to secure more funds for their future, new consumer research from Baring Asset Management has revealed.
According to the firm, 5.1 million individuals do not plan on retiring when they reach 65, representing a significant increase from the 12 per cent recorded in 2012 and the ten per cent reported in 2011.
Analysts found that 40 per cent of respondents said they did not know when they will be financially secure enough to retire, as the current economic climate continues to create uncertainty about people's financial future.
In addition, despite nearing the traditional retirement age, some 34 per cent of 55-64-year-olds said they do not know when they will be able to give up work.
Businesses that are keeping on employees for longer have been urged to roll out flexible working policies to ensure their members of staff enjoy a degree of workplace satisfaction – and one such way of doing this is by allowing them to work from home.
Developments including cloud computing and conference call technology mean that staying in touch when individuals are away from the office is easier than ever before. Experts have also claimed that remote working opportunities limit the number of sick days taken by employees.
Researchers also found that the average age when people say they plan to retire has increased to 64 years old in 2013, up from 62 in 2009.
Marino Valensise, chief investment officer at Barings, said: "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."