A Baring Asset Management study of 1,513 UK adults has shown that 14 per cent, the equivalent of around 5m individuals, do not plan on retiring.
The number is at the highest since the Barings annual study began in 2008 and is same as was revealed in last year’s research by Barings.
Almost a third of people - 30 per cent - are uncertain of when they will retire, a huge increase compared to 18 per cent in 2013, 15 per cent in 2012 and 15 per cent in 2011.
The average age people plan to retire at is 63, although for people aged 25-34 the expected age is 61. For people over 65 who have yet to retire, the survey showed that their expected retirement age is 70.
Rod Aldridge, head of UK wholesale distribution at Barings, said that retirement planning, especially among the over 65s, has become increasingly unpredictable over the last few years.
“In light of the recent changes to the pensions system, the concern is that this age group may have to compensate for insufficient pension provision and financial planning. What’s more, with the increasing longevity of the British population, such problems may become a growing trend.”
The number of people who say that they have no pension - 33 per cent - has remained largely the same since the annual survey began in 2008, Barings said.
Rod Aldridge added: “We are concerned that so many people who should have plans in place say they do not have a pension. This confirms the need to focus on effective retirement planning.”
Results from the survey also pointed towards a growing gender gap between women and men with regard to pension provision.
The number of men with no pension has declined, from 30 per cent in 2008 to 25 per cent in 2014, whilst the number of women has risen from 41 per cent 2014 to 39 per cent in 2013.
Barings said when the annual survey was first carried out in 2008 the difference between men and women stood at 9 per cent.