Over a third (35%) of over-55s have said they do not believe they will be able to afford the retirement they want, Oxford Risk has found.

The survey of over 1,000 over 55s revealed that just under two in five (38%) said they are clear on how much money they will need when they stop work.

A further 27% said they are not on track to retire at their target age, while under a third (32%) are "dissatisfied with their current financial situation".

The firm found that women aged 55 and over are more likely to be worried about their retirement finances, with 31% stating that they are not on track to retire at their target age, compared with 22% of men.

Furthermore, 40% of women do not believe they will able to afford to do what they want in retirement, compared with 29% of men.

The study also revealed that over-55s recognise the importance of having income sources aside from the state pension, with just 3% disagreeing with the importance of having additional sources of income.

Around 86% agreed other sources of income were important, while 11% were undecided.

Head of behavioural finance at Oxford Risk, Dr Greg Davies, said: "Millions of over-55s are struggling to get to grips with retirement planning and are not clear on how much money they will need and whether they can afford to fund their retirement.

"In general, they recognise the value of building up other savings and the vast majority are not relying solely on the state pension, but there is still a lot of confusion over retirement planning, and clear evidence of a gender gap.

"Financial advisers and wealth managers can help the over-55s to get on track for retirement and devise a plan to meet their objectives. Since pension freedoms in 2015, the complexity of retirement planning has been marked. As a result, we’re seeing a growing demand for new technologies in combination with behavioural approaches that financial advisers and wealth managers can use to support improved outcomes for retirees."

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