The number of people who want to retire early has more than doubled during the pandemic from 4% to 10% and more people have clearer retirement plans.

According to a new poll conducted by Opinium for investment firm Hargreaves Lansdown, the pandemic has led to a surge in the number of people who want to retire between age 50 and state pension age.

The pandemic has also resulted in more people being clearer about their retirement plans.

Before the crisis, almost one in three people were uncertain about what they wanted to do between the ages of 50 and retirement (30%). That figure has no dropped to one in four (24%).

While the number of people who want to retire early has risen the numbers who want to carry on working full time is also up, from 38% to 42%. 

The survey found that since the first lockdown men are now more likely to say they want to start a business in their last decades at work but fewer women want to go it alone.

Sarah Coles, personal finance analyst, Hargreaves Lansdown, said: “The pandemic has forced us to make tough decisions about retirement, and while a fifth of people still plan to gradually ease out of the workplace, it has fuelled a rise in all-or-nothing retirement plans. 

“Men in particular have cemented their retirement plans, with the number saying they don’t know what they want to do falling by a third over the year, from 30% to 20%.”

“There has been a huge rise in women who want to stop work altogether, trebling from just 4% the previous year to 12% after they had felt the effects of the pandemic.”

The survey also found that on average, people believe they need £117,000 in investments to make it worth paying for financial advice. Almost half (46%) of people do not know know how much money they would need in order to make paying for advice worthwhile. If they needed help with understanding their finances, 22% of people would turn to a parent and 15% to a partner.

Retirement Plans Between age 50 and State Pension Age

Source: Opinium / Hargreaves Lansdown

• The data was compiled from 2,000 people survey by Opinium for HL in October 2018, October 2019 and October 2020.