Some 40% will still have a mortgage or overdraft going into life after work, and a quarter (25%) expect to have credit card debt.

That was according to the research from more 2 life, an equity release lender, which said this was a rise from last year, when 31% expected to take debt with them into retirement.

Other findings were:

• More than half of 35-54 year olds (51%) expect to owe more than £10,000 upon entering retirement

• 1 in 6 over 55s (16%) has more than £4,000 on retail credit or hire purchase

• The mean borrowing on credit cards is £1,687, on unsecured personal loans £3,118 and on hire purchase £1,500

• Half (54%) of mortgagees will have more than £10,000 left to pay at retirement

• More than a quarter of those aged between 18-34 (26%) and 23% of those aged 35-54 expect to bring credit card debt into retirement

• Nearly three in ten (28%) of 18-34 year olds expect to have mortgage debt in retirement.