Stock market volatility and economic uncertainty have led to a sharp spike in over-50s being risk-averse with their pension savings, new research indicated.

Experts have reacted to concerns in an FCA report, which warned those who choose to take pensions drawdown without advice risk financial “harm”.

New research has revealed that nearly 3 in 10 people who have taken money out of pensions since the freedoms have stashed the money in a savings account.

Research has shown that 5 million over-50s plan to continue working in retirement and 300,000 of these plan never to stop.