Almost half (44 per cent) of UK adults aged between 55 and 64 have no idea when they will be able to stop working, according to a new survey by Baring Asset Management.

The research shows that 38 per cent of all non-retired people do not know when their retirement will begin, while 12 per cent do not expect to be able to retire at all.

Four years ago when a similar study was carried out by the investment management firm, it was a completely different story.

In 2008 before the financial crisis began, only one per cent of non-retired adults and three per cent of 55 to 64-year-olds were uncertain about when they would be able to leave the workforce.

Marino Valensise, chief investment officer at Baring Asset Management, said increasing longevity, a lack of pension savings and a decline in annuity rates has meant that a significant number of people simply cannot afford to retire.

"With a high number of younger people also failing to save, it is essential that the benefits of a pension are understood to avoid further generations of pension poverty," she remarked.