Over nine million Britons have no pension provision but somehow expect to retire at the age of 62.

Those under 34 are most optimistic about retiring early – despite by the time they reach retirement age, it will have extended to 68.

Current government recommendations are for the age of retirement for adults to be 66 in 2023, 67 in 2034, and 68 by 2044.

However, 12.26 million still expect to retire before 60.

The most common means of retiring before 60, for 48 per cent, was reliance on property as an income. Only 30 per cent of people were relying on defined contribution (DC) schemes for early retirement, and 42 per cent were looking to defined benefit (DB).

Rob Lay, head of European sales at Barings Asset Management, which carried out the research, called on people to start taking a more proactive approach to planning for retirement.

"Relying on a DB scheme is no longer an option for many UK adults and relying on your property as a pension is a very risky strategy to take," he said.

"People are increasingly expected to live longer, which is a major issue facing our society. At the same time, the way adults plan for retirement is changing – we can’t rely on DC schemes or a state pension any longer.

"It is absolutely vital for people to start considering how best to build their pension fund from the day they start working. Unless they make the correct provisions now, that target age for retirement will slip further and further away."