Britons under the age of 32 are the most optimistic about the age at which they plan to retire, despite being the age group that is least financially prepared, research from Navigate Wealth has found.

The study revealed that 33.3 per cent of respondents born in 1986 or later hope to between the ages of 61-65, compared to 31 per cent of those born in 1985 or earlier.

This is in spite of younger people being significantly less likely to have a pension plan than the older age group.

Around 55 per cent of those aged 32 or below do not currently pay into a pension, compared to 41 per cent of respondents above the age of 32.

Furthermore, only 25 per cent of respondents born in or after 1986 said that they put money aside for savings after paying their rent and bills every month.

However, Navigate Wealth’s research found that the youngest respondents (born after 1996) had a more positive approach to spending, with 51 per cent saying that they save money from their salary.

Richard Bamforth, Chartered Financial Planner at Navigate Wealth, said: “What is clear from our data is that the younger you are, the more optimistic you are likely to be regarding the age at which you plan to retire.

“Those aged below 32 are most likely to plan to retire between the ages of 61-65, compared to those aged between 54-72 (Baby Boomers), who are most likely to plan to retire between the ages of 66-70.

“While this optimism is to be applauded, our survey also shows that many of the younger generations have not yet started to save for retirement - either via a pension or otherwise - which could well mean that their plans are eventually dashed, especially as the government has announced that the state pension age is set to increase to 68 between 2037 and 2039.”

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