One in 3 Britons over 55 would seek to retire early if they were made redundant in the next 12 months, according to a new consumer study.

Nearly 4 in 10 over 55s say that Covid-19 has made them more worried about their job security, according to research by Standard Life.

Despite the uncertainty two thirds of over 55s (65%) have no plans to seek financial advice.

Less than one in 10 (9%) have asked an existing financial adviser for extra guidance.

This is despite the fact that the research found that the three biggest personal finance concerns for the over 55s were being made redundant, seeing their savings and investments decline in value and earning less.

The survey of 1,000 over-55s found that job insecurity is growing across the UK with 5.8m people over 55 feeling a sense of job insecurity in response to the pandemic.

More than half (52%) of those living in London, 45% of those living in the South and 42% of those living in the North West (42%) feel job insecure.  

Those in the South West were the least worried, with only around a quarter (27%) concerned about job security.

As a result of the pandemic, a third (32%) of the 1,000 over 55s polled would opt to give up work earlier than planned if they were made redundant in the next 12 months.

One in seven (15%) would look for another job because they enjoy working and one in 20 (5%) say they would like to set up their own business.

More than a third (36%) of over 55s would look for another job if made redundant because they do not believe they could afford to retire now. This rises to 45% of those under 65.

John Tait, planning specialist at Retirement Advice from Standard Life said: “Those nearing retirement are understandably feeling particularly concerned about job security and are looking for reassurance and support when it comes to saving for the future.

“But our research and experience of working with clients in this situation has found that for some a redundancy could provide an opportunity to change or even accelerate their retirement plans.

• Standard Life polled 1,000 UK adults over the age of 55 who are still working. Research was carried out in partnership with 3Gem in September.