More than half of the UK population may have to work beyond the retirement age because they cannot afford to retire, Aviva has revealed.

According to data compiled by the financial institution, 56 per cent of people have not invested enough in to their pension plans to secure a comfortable retirement.

This news comes days after the government outlined plans to scrap the compulsory retirement rule in a bid to prevent pensioners falling in to poverty.

Aviva’s survey found that 64 per cent of people are worried that their pension income will not be sufficient to live on, but only 41 per cent of people are taking active steps to resolve this situation.

Half of the population believe their future financial security is in their home, while 37 per cent of people surveyed believe the only way to realistically save enough money for retirement is if they are required by law to do so.

The figures also show that 43 per cent of people are delaying their retirement to provide financial support to both their children and their elderly parents.

Commenting on these findings, Darren Dicks, head of annuity propositions for UK Life Aviva, believes the results provide an insight in to people’s retirement fears, he said:

“While it suggests that people are getting to grips with their finances, most feel they could and should be doing more to prepare for retirement.

“This is a crucial area we need to address to prevent a retirement crisis in the future.”

Mr Dicks said Aviva are keen to see people using their assets wisely so that they can make the most of their retirement, he added: “By taking control of retirement planning sooner rather than later and by seeking sound financial advice, we can help to alleviate customers’ fears and help them to prepare for the retirement they deserve.”

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