One in 10 abandon retirement plans altogether - study

One in 10 UK adults say they have dropped completely their plans to retire as economic uncertainty continues to plague sentiment.

The study, conducted by Baring Asset Management earlier this year, is in stark contrast to a similar survey conducted in 2008, when almost 100% of those questionned were confident they would eventually stop working.

Elsewhere, the report, which involved interviewing almost 1,500 people, suggests some 42% are unsure about what age they will retire, up from 1% two years ago.

Meanwhile, 100,000 people do not plan to stop working until they are at least 76 years old, with 2.3 million looking to work until they are at least 65. Of those that do plan to retire, 67% are men.

Marino Valensise, chief investment officer at Barings, says: "For those approaching retirement, it is a difficult backdrop, with economic uncertainty still rumbling across all markets.

"People have worked hard for retirement and a few extra decisions, such as taking professional financial advice and ensuring their investment portfolios are correctly positioned, could make all the difference."