Equity release could be a solution for the many older people in the UK who cannot afford to retire.

Research conducted by MetLife found 45 per cent of individuals over the age of 60 have found themselves in this position.

As a result, one in three have asked their employer if they can remain in their position beyond 65 so they can save more cash.

Dominic Grinstead, managing director at MetLife UK, said: "The whole concept of retirement is changing rapidly and that is reflected in the number of people aged 60 and over who are carrying on working."

He pointed out that as the Default Retirement Age is phased out, individuals will increasingly remain in their job for longer.

This comes after moneysupermarket.com suggested the currently difficult economic situation in the UK is changing the way people approach their finances, as times are tough for consumers.

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