Britons face 'five years too long' at work

The typical Briton expects to work for nearly five years longer than they would like to before they can afford to retire.

The average person would like to give up work at just over 62 years old, but they do not think they will be able to retire until they are 67, a survey has found.

Of 1,200 people questioned, 40 per cent thought they would have to continue working past the age of 70.

For many people, the decision to delay retirement is financial, with a third admitting they were not paying into a pension.

But for others, the intention to keep working is also motivated by social concerns, with a quarter saying they thought they would get bored when they stopped working, while 52 per cent said they enjoyed the social contact that came with a job.

Trevor Matthews, chief executive of Friends Provident Holdings, which commissioned the study, said: "It is clear people are more accepting of the fact that they will have to work longer." "As individuals, we now have more choices, but coupled with this comes increased responsibility and the need to plan adequately for retirement. It is crucial we do this planning early enough in life whilst we have more options available to us.""