Many of those who said they intended to remain in work cited a wish to maintain physical and mental fitness as their motivation; half cited a desire to improve their finances. Over a fifth of those planning to retire this year said they didn’t feel ready to stop work. The findings suggest that delayed retirements are now becoming standard practice for the UK population.

“People’s attitudes towards retirement are increasingly optimistic, especially with the new freedom on accessing pension savings that will come into effect this April,” said Stan Russell of Prudential.

“People are seeing the opportunity to stay at work full-time or in a period of ‘pre-retirement’ as an attractive one, whether it’s to boost their pension pots or just to stay fit, healthy and stimulated.”

Commenting on the findings, Pensions minister Steve Webb said “As the demographics of the labour market change, employers need to wake up to the huge potential and wealth of experience that older workers offer.”