Unretirement Index highlights financial pressures

And worryingly, over two thirds (69%) are prepared to draw from their retirement funds in order to do so.

Additionally, nearly one in five (17%) of this group are also under pressure to provide their own parents with financial assistance either on a regular or occasional basis, demonstrating the further drain on savings this ‘sandwich generation' is facing.

Mark Stopard, head of marketing at Sun Life Financial of Canada, said: "The Unretirement™ Index has already identified a worryingly low level of optimism towards retirement preparation in Britain, as people experience lower than expected income levels, and the need to work beyond the age of 65 years.

"These new figures provide a further detailed explanation on the decumulation of retirement pots, as financial support requirements remain intact, or even increase as people retire, to support the generations above and below.

"It is clear that the need for flexibility from a product perspective to ensure that consumers have the best chance possible of providing not only for themselves, but for their dependants, is vital.

"Retirement is currently very near the top of the political agenda as the Government seeks to find ways to both engender a long term savings culture, whilst allowing people to work longer as longevity increases."