A fifth (19%) of savers expect to be able to retire before the age of 60, according to a new report.

The most common age savers expected to retire is between the age of 66 and 70, with a third expecting to retire in this timeframe, according to the survey of 1,600 UK workers by platform provider Hargreaves Lansdown.

One quarter (24%) said they expect to retire between the age of 61 and 65.

However, 16% did not know when they would retire.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said older savers were less likely to know when they would actually retire.

She said: “The over 55s are more likely to be in the dark than those aged between 18 and 34 about their retirement prospects. This could be for a variety of reasons. Some could love what they do and have no plans to stop, others may have not yet really engaged. Others may have realised that right now, they don’t have enough and are playing catch up so want to keep their options open.

It might also be young people having confidence in when they want it to happen – before complexities have time to come up – like affordability!”

Opinium surveyed 1,600 UK workers on behalf of Hargreaves Lansdown in September.