Nearly half (46 per cent) of UK workers expect to work beyond the legal retirement age, while 62 per cent are worried that they won’t be able to maintain their current standard of living when they stop working, Kearney’s Retail Banking Radar has revealed.

Despite this lack of confidence, the research showed that UK adults are also failing to receive advice about retirement planning, as nearly a quarter (24 per cent) of Brits receive no professional advice on saving or retirement planning.

Older adults are more likely to rely on tax or financial advisers for retirement planning, with 22 per cent turning to their primary bank for guidance, while younger people were far more likely to go to their main bank, with 55 per cent of under-45s seeking retirement advice there or not seeking advice at all.

This was not the only area where familiar products and institutions are winning out, as Kearney found that UK adults continue to favour familiar savings products, with 80 per cent putting money in savings accounts and half (49 per cent) keeping funds in current accounts.

But there is strong appetite for professional guidance, as around 32 per cent of UK adults already pay for advice, and a further 43 per cent say they would be willing to in future - well above the European averages of 18 per cent and 32 per cent, respectively.

Commenting on the findings, Kearney partner, Sameer Pethe, said: “It’s promising that Britons are saving and investing more actively than ever, and many feel confident managing their own money.

"But this research shows that confidence doesn’t always equal security - nearly two-thirds of UK adults worry they won’t maintain their lifestyle in retirement.

“That anxiety is real, and seeking guidance from a bank or financial adviser can make a huge difference.

"Banks and wealth providers need to step up, simplifying advice and tailoring support, so people not only invest wisely today but can feel truly secure about their financial future.”

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