One in three (35%) savers over the age of 50 are facing a retirement savings shortfall of at least a decade, according to new research.

Globally, 42% of over-50s were 'under-planning' their retirement income needs by 10 years or more, according to the report from Fidelity.

By 2050, around 3.67m people are expected to reach the age of 100, however three quarters (74%) of UK savers are unprepared to live this long.

However, Britons were better prepared than some foreign counterparts, with 81% of people globally underprepared to live to 100.

UK savers remained positive about the outlook for their retirement. Three quarters (74%) of UK retirees described their outlook as positive, compared to just 56% of pre-retirees. This compares to 68% of global retirees who described their outlook as positive.

Seven in ten (70%) of the pre-retirees surveyed said they are likely to work in some capacity (voluntary or paid) in their retirement, primarily to stay mentally and physically active (38%) rather than as a financial necessity (26%).

Stuart Warner, global head of platform solutions at Fidelity International, said: “People are living longer than ever, but too many are preparing for retirements experienced by their parents and grandparents.

"This mismatch between life expectancy and savings horizons risks leaving many underprepared. With the right planning, longer lives can be a positive reality, but it requires a new mindset and earlier action.”

• Opinium surveyed 11,800 retirement savers over the age of 50 on behalf of Fidelity between 11 August and 1 September.