Over one in 10 (13%) UK adults, which equates to one and a half million people, have said that they are never planning to give up work, new research by Canada Life has found.

The findings suggested this is partly due to the cost of living crisis, with more than a third (34%) of people’s retirement plans being altered as a consequence. This includes over a quarter (26%) of over-55s, which is around over two million people.

For those who are yet to retire, a sizeable proportion have no detailed plans in place. Canada Life’s research found that 19% of those aged 55 and over still have no plans at all, with a further 45% claiming their plans are not detailed.

Furthermore, one in 10 (10%) Brits have said they had never thought about planning for their retirement and have said that they do not intend to.

However, in response to this, Canada Life found that more than a third (35%) of retirees have said they wished they planned for their retirement more thoroughly.

The average age for people to start thinking about retirement is currently 37, with men starting to think about their retirement plans at 35, compared to 39 for women.

Despite people starting to plan for retirement, 71% of those surveyed said that they have not spoken to a financial adviser about their plans, and in that group, just under half (49%) would do so.

Managing director of retirement at Canada Life, Tom Evans, said: “The old adage ‘fail to prepare and prepare to fail’ absolutely applies when it comes to planning for retirement. Worryingly, 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 when it comes to your financial future. No matter what age you are, a financial adviser can be invaluable in helping you to plan for and achieve your ideal retirement.”

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