The findings paint a particularly bleak picture for those living alone in retirement, with 36% of those who are divorced or separated expecting to work indefinitely.

Two fifths (39%) of retired people surveyed said that financially, they had not prepared adequately or at all for a comfortable retirement, with 35% only realising they were underprepared after retiring.

However, 37% of 55-64 year olds said it was actually an aspiration to continue working.

Christine Foyster, head of wealth management at HSBC, which commissioned the research, said: “People want to slow down in later life and, while some welcome the chance to stay economically active, many may not. Whereas some people regard a comfortable retirement as a natural entitlement, for a growing number this is not the case.

“Today’s workers should prepare for retirement as early as possible to have some certainty for retirement. Life is full of reasons to prioritise short term spending over longer term planning, but the sooner people start saving, the less likely they will have to rely on working in old age.”