Britain is letting down its elderly members of the public, say 70 per cent of Brits, and three-quarters believe a substantial increase in the basic state pension is necessary, according to a survey by Club Vita.

The nationwide study showed that we are, however, beginning to understand the impact of increased longevity on the funding of retirement income, be it by the state or via our own savings. Half of survey participants want to continue to work after they reach their formal retirement age, and 77 per cent of 16-24 year olds are prepared to work beyond the official retirement age.

Forty-seven per cent of participants do not think the younger generation should help parents financially in their retirement, and 70 per cent believe this generation will simply be unable to look after their parents. However, almost 40 per cent of 16-24 year olds think the younger generation should provide financial support to their retired parents, and 35 per cent think their generation will live eight or more years longer than their parents' generation will.

"Provided we remain reasonably healthy, greater longevity is obviously a 'good thing', but it comes at a price," commented Nick Flint, chief executive of Club Vita. "The UK population is slowly - very slowly - beginning to understand the link between longevity and retirement funding, at the state and personal level. We may not be living quite as long as some of those surveyed think - it's actually around a five to six-year increase in typical lifespan from one generation to the next - but our increasing longevity will affect profound changes in our attitudes to work and subsequent retirement."

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