Nearly 40 per cent of people expect to work beyond the age of 65 to help fund their retirement.

A survey by AA savings found that half the working population view the prospect of retirement with concern because of financial worries.

Almost a third say they have mixed feelings about how they will fund their retirement and more than one in ten say they are worried they will not be able to make ends meet.

"Retirement used to be an occasion of celebration and freedom from debt," says Lloyd East, general manager of AA Savings.

"But today the opposite seems to be true. We found only ten per cent of respondents expect to celebrate their retirement – and not a single Londoner said they would do so.

"Financial worries mean people expect to work longer, especially those on average or lower incomes."

A worrying 38 per cent of Britons admit they have no savings put aside that they could use in their retirement.

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