Financial concerns `causing many to delay retirement`

As a result of financial concerns caused by the current economic downturn, a significant number of UK consumers are being forced to delay their retirement plans, new figures suggest.

Produced by the Life Trust, the findings indicate that 12 per cent of people questioned stated that they now expect to have to postpone their plans to give up work by as long as five years.

Meanwhile, a further eight per cent reported that they believe they will have to put off retirement by between two and four years and three per cent said they will delay it by a year.

"Retiring early is a privilege that was, until very recently, an ambition for many people. However, with worsening economic conditions coupled with increasing life spans this is now something fewer people are able to afford," stated Andy Briscoe, chief executive officer of the Life Trust.

Recently, Age Concern warned that older savers may suffer as a result of the recent reductions in interest rates, potentially putting them at risk of financial problems such as debt.