Just a quarter of homeowners over 40 (24%) expect to retire fully by the State Pension Age and 28% of people say the state pension will be the main source of their retirement income.

Canada Life, which carried out the research, says that changes to state pension legislation have hit the retirement plans of many homeowners over 40.

Nearly a third (31%) of respondents said they plan to work beyond their state pension age, with this figure increasing to 50% of over 60s. 

However, 34% plan to finish work early and retire before their nominated state pension age, typically 67 for most people retiring after 2026. 

One in ten people (11%) said they had already stopped working before their state pension was available.

When asked what they expect their main source of income to be in retirement, nearly a third (28%) of homeowners aged 40 and above expect the state pension to provide the "bedrock" of their income (22% for men vs 36% for women), despite the full basic State Pension currently standing at just £9,350 per year.

Almost half of the respondents (45%) cited their workplace pension as key (53% for men vs 35% for women). One in ten (11%) say retirement income will come from their personal pension.

While men and women expect to rely on the state pension equally the survey found a gender gap in reliance on other sources of retirement income: 

• Workplace pension - 67% (73% for men vs 61% for women)
• Personal pension - 34% (38% for men vs 29% for women)
• ISAs – 26% (30% for men vs 22% for women)
• Financial investments - 15% (19% for men vs 11% for women)

The survey also found a lack of uptake of financial advice among homeowners over 40. 

Just three in 10 (28%) plan to speak to a financial adviser before making a decision about accessing their wealth in retirement. 

Andrew Tully, technical director, Canada Life: “Many people are looking to rely on the state pension to provide them with income in retirement. However, the amount received is not generous by any standard and as a result the onus is on individuals to take personal responsibility to save for retirement."

• Research among 1,020 UK homeowners aged 40+ was conducted by Opinium Research in March.