Those approaching retirement are pushing back their retirement plans by an average of four years, according to research by pensions and investment provider NFU Mutual.

Its research, which surveyed more than 2,000 UK adults, found that one in 10 respondents who are past the age of 55 and still working said they do not ever expect to be able to retire.

The average age at which respondents truly realise when they will be able to retire, and how much they need to save for retirement, is 48.

Two-thirds (64%) of respondents who are between the ages of 18 and 24 have no pension savings for later life, with one in four (26%) respondents around the identified ‘retirement reality’ age of 48 in the same situation.

Steve Meredith, pension and retirement specialist at NFU Mutual, said: “People might read these findings and worry, or worse still, bury their head in the sand about their own retirement planning.

“Whether you’re 18, 48 or 68, it’s absolutely never too early or too late to start making plans for later life. Any provision, no matter when made will give you a better range of choices.

“It’s vital that people take action and start putting something aside now. The sooner people start saving, the more choice they’ll have when the time comes to slow down or stop working entirely.”