The gap between when people want to retire and when they expect to retire has widened to a record 5.3 years, analysis from the Standard Life Centre for the Future of Retirement has revealed.

The Retirement Voice research, based on the views of 6,000 people across the UK, found that UK adults were hoping to retire at 62 but expecting to work until almost 68.

Over a quarter (26 per cent) were struggling on their current income, while 63 per cent were concerned they were not saving enough for retirement and 48 per cent believed their retirement finances were largely influenced by factors beyond their control.

However, those who had undertaken the most financial planning faced a retirement expectation gap that was 4.8 years smaller than those who had done none.

The findings revealed differences across demographic groups, with renters facing a retirement expectation gap of 6.8 years, compared with 2.1 years for outright homeowners.

Women faced a gap of 6.1 years, compared with 4.5 years for men, while Millennials and Gen Z recorded some of the widest gaps at 6.8 years and 5.9 years respectively.

The North East of the UK had the largest regional gap at 6.6 years, compared with 3.8 years in Greater London.

The research found that 51 per cent of respondents expected to work beyond state pension age, despite 18 per cent saying they would be unable to continue in their current role beyond age 60.

It also showed that 51 per cent were concerned their retirement savings would not last, while 42 per cent expected a lower standard of living in retirement.

Despite these concerns, only 12 per cent said pension saving was a priority and 35 per cent had undertaken no retirement planning.

Commenting on the research, Standard Life Centre for the Future of Retirement director, Catherine Foot, said the findings point to a “noticeable shift” in how people are feeling about retirement.

“The age people would ideally like to retire hasn’t changed, but the point at which they think they will actually be able to stop work is drifting further away," she continued.

"That is happening as the state pension age itself begins its phased rise from 66 to 67, and against a backdrop of renewed pressure on household finances and a wider sense of economic and global uncertainty.

“Together, these factors risk making retirement feel less certain and more distant, rather than a milestone people can plan towards with confidence.”

She highlighted the significant differences between groups, with renters, women, younger generations and people in the North East facing some of the widest retirement expectation gaps.

“As the state pension age rises, that should be an important consideration for policymakers," Foot added.

“A sustainable retirement system cannot simply assume that everyone will be able to solve an adequacy problem by working for longer.”

Foot said that while the findings show a clear relationship between planning and people’s retirement expectations, individual action can only go so far.

“This report underlines the scale of the opportunity presented by the next stage of the Pensions Commission to shape the adequacy of pension saving and consider the long-term future of the UK’s pension system," she noted.

“Employers also need to consider how careers can become more flexible as working lives lengthen.

"The goal should be a system that gives people greater confidence and is fair to the people who live with it, giving them choice over when and how they retire, rather than having a later retirement as the default because they feel they have no alternative.”

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