More workers than ever fear they will never be able to afford to retire or will have to delay retirement because of the soaring cost of living, according to a new study.

Two fifths (39%) of workers believed they will not ever be able to retire due to rising prices, up from a third (33%) a year ago.

Almost a third (32%) were looking to delay their retirement due to rising costs, up from one in five (21%) just 12 months ago.

Those aged between 35 and 44 were the age group most likely to believe they will never be able to afford to retire, with almost half of workers within those ages (46%) believing that.

The figures come from research by financial wellbeing and retirement specialists Wealth at Work.

The figures also revealed that rising costs meant that eight in ten (81%) workers were concerned that they will be less comfortable in retirement due to a shortfall in savings. The same percentage (81%) said they were concerned they would have to work longer to make up for the shortfall.

Four in ten (41%) said they do not feel supported in their employer when it comes to getting help to understand their finances.

Some 54% said they would seek guidance about their pension from someone unqualified, like family and friends, or no one at all, and only 14% would speak to their employer.

Jonathan Watts-Lay, director, Wealth at Work, said: “Many are concerned if they will ever be able to afford to retire or believe that they will have to delay their retirement, but the research has found that the most concerned are people aged 35 to 44.

“Most of this group will not have benefited from a full working life of automatic enrolment and are less likely to reach retirement with generous defined benefit (or final salary) pensions than some older generations. In fact, pre auto-enrolment, many in this age group may not have saved into pensions at all, therefore missing a number of years of contributions and growth on those contributions."