Figures produced by the Chartered Institute of Personnel and Development (CIPD) revealed that, of 1,000 individuals surveyed, 38 per cent intend to continue working past retirement age.

Currently, only 11 per cent of the UK's employees work beyond the state pension age.

It was also found that men are more likely to plan to work after reaching 65, with finances identified as the main reason for doing so.

"On one level, the survey findings look very positive, in that they show a strong demand for working beyond retirement age that is as much down to financial as other reasons, such as individuals wanting to use their skills and experience," stated CIPD reward adviser Charles Cotton.

With 130,000 members, the CIPD aims to lead in the development and promotion of good practice in the management of people.