The UK will have to increase the state pension age to 71 by 2050 to maintain the number of workers per retiree, according to a new report from the International Longevity Centre UK.

Retirees who take financial advice are £47,000 better off in retirement - on average - than people who take no advice, according to a think tank which wants government to do more to encourage take up of financial advice.

A leading thinktank says the older generation will be responsible for 63p in every £ spent by 2040 and could represent a golden business opportunity.