One in five (21 per cent) UK adults don’t know when they will retire, research by Hargreaves Lansdown has shown, indicating a lack of financial planning and awareness regarding retirement.

The research revealed that half (50 per cent) of respondents thought they would retire between 61 and 70.

Hargreaves Lansdown, head of retirement analysis, Helen Morrissey, highlighted that of this, 50 per cent of people were planning to retire in their sixties, including 23 per cent who planned to do so at some point between the ages of 61 and 65 and a further 27 per cent planned to do so between the ages of 66 and 70.

She explained that this made sense given that most people will plan to retire at some point around their state pension age, which is currently 66 for both men and women in the UK.

However, the research also found that 16 per cent of people thought they would retire before the age of 60, while 14 per cent thought they would retire after the age of 70.

Morrissey said that the reason for this could be that these individuals love the work they are doing and do not think they will want to stop.

However, she also suggested that it could mean they do not think they have enough saved to retire.

“While continuing to work because you love what you do is a huge positive, no one wants to be in a position where they have to keep working because they don’t have enough put by in their pension,” she said.

This data also builds on previous research from Hargreaves Lansdown, which found that 36 per cent of households are on track for a moderate income, indicating that "there is work to be done".

The research also highlighted the difference between certain groups as self-employed, single parents, and renters were the furthest off track of a moderate retirement income, as 21 per cent of self-employed, 18 per cent of single parents, and 15.5 per cent of renters were “way behind” in terms of saving for retirement.

Given this, Morrisey stressed that it is “vital” that individuals have a plan for what they want their retirement to look like, suggesting that once a saver has an idea of their desired retirement, they can estimate how much this might cost them.

In addition to this, Morrisey said that taking actions such as increasing pension contributions each time an individual gets a pay rise or new job and checking if an employer will match your contribution are “good ways” of boosting how much goes into a pension.

“Taking actions like this on a regular basis means that whether you plan to stop work at 60 or work into your seventies and beyond, you have control over that decision and can retire on your own terms,” she added.

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