According to new research from life insurer Zurich, pensioners are being forced to delay their retirement or return to work because of the rising cost of living.

The survey reveals that 64 per cent of Britons of retirement age are considering carrying on working, with nearly a third of people putting off their golden years for financial reasons.

Tony Solomon, business development director at Zurich UK Life, says, ‘As life expectancy continues to rise and the amount of time people spend in their retirement increases, many people are re-evaluating how they will spend their retirement. This emerging trend of “returnment” reflects the changing nature of retirement as people continue to be active.   

However, as well as financial pressures, it seems there are other reasons why people are considering working.

Zurich’s research reveals that 34 per cent of people want to stay active in their retirement, while over a fifth of Britons believe they still have a contribution to make and would therefore consider continuing to work.   

One in ten people believe they will miss the buzz of working life, while 26 per cent plan to keep working because they are worried about being bored in retirement.

Worryingly, it seems that Britons are failing to seek financial advice to ensure that they have made appropriate arrangements for their retirement, as seven out of ten people have never sought financial advice for retirement planning.  

And it seems the younger generation are not reaping the benefits of long-term financial planning, with 94 per cent of those aged 25-34 choosing not to seek advice.

Soloman says, ‘It is worrying to see that people, especially those that are most vulnerable, are still not getting the financial advice that they may need.  Seeking financial advice will allow people to develop a greater understanding of the levels of income they can expect in retirement and what steps they should take now to ensure they can enjoy a full and active retirement.’