Fifty-three per cent of the UK's working population, around 18.7 million people, has no idea when they will be financially able to retire, says a new report from Baring Asset Management (Barings).

69 per cent of working Brits aged 65 and over do not know when they will be able to start retirement, compared to just three per cent last year, and of those aged 25-34, 46 per cent do not know when they will be financially comfortable enough for retirement.

The results follow news from the government that it may scrap rules that allow employers to force their staff to retire at the age of 65. However, 47 per cent of respondents expect to them able to retire before the age of 70, compared to 93 per cent in 2008.

"There is an urgent need for people to re-asses their pension provisions to ensure that when the time comes to retire, their pension pot is sufficient to support them then," commented Marino Valensis, chief executive officer at Barings. "We urge people to seek financial advice to help them make suitable plans.

"The research is also a reality check for young people to start planning for their retirement as soon as possible. At this time in their lives they can afford to go for a high risk/high reward investment strategy, such as exposure to emerging markets, as they take a long-term view. As so many people are finding now, it is too late to build up a nest egg in your sixties and even fifties. For people further down the line, it is vital to diversify assets, for example using a multi-asset strategy, in order to maintain a sound risk level but also achieve your investment objectives."

- Pensions Age July 2009

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