Over half of the UK population have stated that they are not financially ready for retirement, according to a recent survey.

Aviva's 'Consumer Attitude to Saving' survey, indicates that 55 per cent of people in the UK would be need to work for a longer period of time and past the current retirement age, so that they can sustain themselves.

Recently the Government announced plans to scrap the compulsory retirement age, implying that people can now be able to continue working past the retirement age.

An alternative way of saving up finances for retirement is to take out a life insurance policy. Doing so can provide a source of finances, for retirement years once someone has stopped working.

Darren Dicks, the head of annuity propositions for UK Life, Aviva says: "Our research shows some very interesting themes around people's retirement fears.

"While it suggests that people are getting to grips with their finances, most feel they could and should be doing more to prepare for retirement. This is a crucial area we need to address to prevent a retirement crisis in the future.

"At Aviva we are working very closely with our customers to offer support and find solutions that will enable them to have a more comfortable retirement, whatever their circumstances."